Equinox Gold shares surge following record-breaking production year
The miner produced 213,906 ounces of gold in the fourth quarter and 621,870 ounces for the full year.
(via TheNewswire)
VANCOUVER, BC – TheNewswire - January 10, 2025 — Giant Mining Corp. (CSE: BFG | OTC: BFGFF | FWB: YW5) (“Giant Mining” or the “Company”) is pleased to announce that further to its news releases dated December 4th, 5th and 31st, 2024, the Company has closed the final tranche of its non-brokered private placement (the “NBPP”) comprised of an additional 6,375,000 units (the “Units”) in the capital of the Company at a price of $0.10 per Unit for gross proceeds of $637,500.
Each Unit consists of one common share (each, a “Share”) and one transferable Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional Share of the Company at a price of $0.25 per share for a period of 12 months from the date of issuance.
Combined with the closing of the first tranche of the NBPP and the closing of the listed issuer financing exemption non-brokered private placement (the "LIFE Offering"), the Company has raised total gross proceeds of $3,367,024.80.
David Greenway, President & CEO of Giant Mining commented, "We are excited to close this private placement and move forward with our drilling program for 2025. These funds will enable us to unlock the true potential of our properties, enhancing their value while addressing the growing demand for copper, a critical resource for the electrification of the world’s economy. As industries like data centers, artificial intelligence, and renewable energy continue to expand, the need for copper becomes even more vital. Giant Mining is proud to play a key role in meeting this demand and contributing to a sustainable, innovative future."
The Warrants have an acceleration provision, which provides that in the event that after four months and one day after the Warrants are issued, the weighted average daily trading price of the Shares on the Canadian Securities Exchange, or such other market as the Shares may trade from time to time, is or exceeds $0.40 for any five (5) consecutive trading days, the Company may provide notice, whether by written notice or the issuance of a news release (the “Acceleration Notice”) to the Warrant holder that the expiry date of the Warrants has been accelerated and that Warrants not exercised within 30 days of the date of the Acceleration Notice will expire 30 days from the date of the Acceleration Notice.
The securities issued pursuant to the NBPP and LIFE Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. Persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
Certain insiders of Giant Mining purchased an aggregate of 2,750,000 Units in the NBPP (the “Insider Participation“). The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions (“MI 61-101“) by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation does not exceed 25% of Giant Mining’s market capitalization.
In connection with the final tranche of the NBPP, the Company paid an aggregate of $21,400 in cash finders' fees and issued an aggregate of 214,000 finders' Warrants. The finders' Warrants are non-transferable and have the same terms as the Warrants forming part of the Units.
The Units including the Shares, Warrants and finders' Warrants issued as part of the final tranche of the NBPP are subject to a hold period until May 15, 2025, pursuant to applicable securities legislation.
The Company intends to use the proceeds of the NBPP and LIFE Offering on its core drilling program, updating 43-101 report and general working capital.
About Giant Mining Corp.
Giant Mining Corp. is focused on identifying, acquiring, and advancing late-stage copper and copper/silver/gold projects to meet the growing global demand for critical metals. This demand is driven by initiatives like the Green New Deal in the United States and similar climate-focused programs worldwide, which require substantial amounts of copper, silver, and gold for electric vehicles, renewable energy infrastructure, and the modernization of clean and affordable energy systems.
The Company’s flagship asset is the Majuba Hill Copper, Silver, and Gold District, located 156 miles (251 km) from Reno, Nevada. Majuba Hill is situated in a mining-friendly jurisdiction with supportive regulations and has the potential to become one of the next major copper deposits, critical for meeting the increasing need for this red metal.
In addition, Giant Mining Corp. holds a 20% ownership stake in the Friday Gold Project, located in the historic Orogrande Mining District, Idaho, approximately 16 km south-southwest of Elk City. With a resource base of 1,237,000 ounces of gold, Friday Gold presents promising opportunities for exploration and development, reinforcing the Company’s strategy of advancing high-value resource assets in stable, mining-friendly regions.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Giant Mining Corp.
“David Greenway”
David C. Greenway
President & CEO
For further information, please contact:
P: 1 (236) 788 0643
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Forward-Looking Statements
This news release contains certain forward‐looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward‐looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
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