Probe Metals Announces $10 Million Private Placement
On November 4, 2020 Probe Metals Inc. (“Probe” or the “Company”) announced a non-brokered private placement consisting of 2,500,000 flow-through units of the Company at a price of C$2.80 per FT Unit and 1,900,000 hard dollar units of the Company at a price of C$1.60 per Hard Unit for aggregate gross proceeds of C$10,040,000 (the “Financing”).
The closing of the Financing is expected to occur on or about November 25, 2020 and is subject to the receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
The net proceeds from the Financing will be used to fund exploration on Probe’s projects in Québec and for working capital purposes. The Company has agreed to incur and renounce in favour of the subscribers for the Flow-Through Units “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) in an amount equal to the subscription price for the Flow-Through Units.
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,550-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Corporation currently owns approximately 12% of the Company.
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