Snowline Gold Corp. Announces Completion of C$20 Million Charity Flow-Through Private Placement
Vancouver, BC – Snowline Gold Corp. (TSX-V:SGD)(OTC:SNWGF) (“Snowline” or the “Company”), a mineral exploration company focused on its projects in Canada’s Abitibi Greenstone Belt, is delighted to announce the successful completion of its previously announced “bought deal” private placement of 1,875,000 charity flow-through common shares of the Company (the “FT Shares”). The offering was priced at C$10.68 per FT Share, raising a total of C$20,025,000 in gross proceeds.
About the Offering
Each FT Share will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). This designation allows Canadian investors to claim a charitable donation tax credit for the full amount of their investment in the Company, in addition to any capital gains tax exemption that may be available upon the disposition of the FT Shares. The proceeds from this offering will be used for eligible “Canadian exploration expenses” (as defined in the Tax Act), specifically for the exploration of Snowline’s projects in Ontario and Quebec.
Impact on Snowline Gold Corp.
The successful completion of this private placement will significantly strengthen Snowline’s financial position, enabling the Company to advance its exploration programs more efficiently. With the raised funds, Snowline intends to expedite its exploration activities, including drilling campaigns, geophysical surveys, and other fieldwork. This increased pace of exploration is expected to generate valuable data and potentially lead to new discoveries, enhancing the Company’s portfolio and shareholder value.
Impact on the World
The mining industry plays a crucial role in the global economy, contributing to the development of communities and economies, particularly in countries rich in mineral resources. Snowline’s successful private placement demonstrates the continued investor interest in the mining sector, specifically in exploration-stage companies. This increased investment can lead to the discovery of new mineral resources, which in turn can create jobs, generate revenue, and contribute to economic growth. Moreover, the charitable aspect of this offering highlights the importance of corporate social responsibility and the potential for businesses to make a positive impact on their communities.
Conclusion
Snowline Gold Corp.’s successful completion of its C$20 million charity flow-through private placement is a significant milestone for the Company. With the proceeds from this offering, Snowline is well-positioned to accelerate its exploration programs and potentially make new discoveries. Furthermore, the charitable nature of this offering underscores the importance of corporate social responsibility and the role that businesses can play in making a positive impact on their communities. As the mining industry continues to attract investor interest, we can expect to see more companies following Snowline’s lead in combining growth with social responsibility.
- Snowline Gold Corp. completes C$20 million charity flow-through private placement
- Proceeds to be used for eligible Canadian exploration expenses
- Strengthens Snowline’s financial position for accelerated exploration
- Highlights the importance of corporate social responsibility in the mining industry
