Toronto, Ontario - June 11, 2018
Generic Gold Corp. (CSE: GGC) (FSE: 1WD) ("Generic Gold") announces that it intends to complete a proposed private placement offering of up to 1,666,666 flow-through units (the "Flow-Through Units") of Generic Gold at a price of $0.30 per Flow-Through Unit for gross proceeds of up to $500,000 (the "Offering"). Each Flow-Through Unit will be comprised of one common share (a "Common Share") and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire a Common Share at a price of $0.50 per Common Share for a period of 36 months from the date of issuance. Each Common Share and Warrant comprising the Flow-Through Units will qualify as a "flow through share" for purposes of the Income Tax Act (Canada). The Common Shares issuable upon exercise of the Warrants will not qualify as "flow-through shares".
Certain eligible persons may receive finder fees in connection with the Offering in the way of cash commission and/or compensation warrants. Generic Gold intends to use the net proceeds from the Offering to incur Canadian exploration expenses (the "Qualifying Expenditures") on its properties located in Yukon, Canada. Generic Gold will renounce the Qualifying Expenditures to subscribers of the Flow-Through Units for the fiscal year ended December 31, 2018.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. Completion of the Offering is also subject to the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.
About Generic Gold
Generic Gold is a Canadian mineral exploration company focused on gold projects in the Tintina Gold Belt in the Yukon Territory of Canada. Generic Gold's exploration portfolio consists of ten projects with a total land position of 39,820 hectares, all of which are 100% owned by Generic Gold. Several of these projects are in close proximity to significant gold deposits with multi-million ounce NI 43-101-compliant resources, including Goldcorp's Coffee project, Victoria Gold's Eagle Gold project, White Gold's Golden Saddle project, and Western Copper & Gold's Casino project. Generic Gold's board of directors and management team is led by experienced mining industry professionals, with expertise in exploration, finance, capital markets, and mine development. For further information on Generic Gold's property portfolio, visit Generic Gold's website at www.genericgold.ca.
For further information contact:
Kelly Malcolm, President and CEO of Generic Gold
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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