Great Thunder Gold closes $3million placement for Fenelon

Another piece of the Fenelon puzzle has fallen into place. Great Thunder Gold has closed a previously announced placement of 4,600,661 shares for gross proceeds of $2,990,429. Great Thunder will use the net proceeds from the offering to fund exploration of its Northbound, Southern Star and other properties in the Fenelon Gold Camp of Quebec and for general working capital.

Each unit consists of one common share and one-half of one warrant. Each full warrant, in turn, entitles the holder to purchase an additional common share at a price of $0.85 until August 13, 2022. All securities issued pursuant to this offering are subject to a four-month hold period and may not be traded until at least December 14, 2020, except as permitted by applicable securities legislation.

The Company relied on sections 5.5(c) and 5.7(1)(b) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval. Neither the Company nor the purchasers have knowledge of any material information concerning the Company or its securities that has not been generally disclosed. 

The Company paid aggregate finders' fees of $105,308 and 162,012 warrants exercisable at $0.85 per share until August 13, 2022 in respect of the offering.

About Great Thunder Gold

Great Thunder Gold is a junior Canadian mining exploration company focused on exploration and development along the Detour Gold trend in Quebec. The Company is one of the largest mineral claim holders next to the region's leader, Wallbridge Mining Company Limited.

Tags: Quebec / Deals & Financial / Gold / All Articles