Advance Gold Corp. ("Advance Gold" or the "Company") announces that it will conduct a non- brokered private placement of 980,000 common shares in the capital of the Company at a price per share of $0.05 for gross proceeds of $49,000. A private company controlled by Jim Gillis, the President, Chief Executive Officer and a director of Advance Gold, will be the sole subscriber to the offering resulting in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), for which Advance Gold will rely on exemptions from formal valuation and minority shareholder approval requirements provided for in MI 61-101.
In accordance with applicable securities legislation, the common shares to be issued will be subject to a hold period of four months and one day from the date of issuance of the securities. The proceeds of the private placement will be used by the Company for general corporate purposes.
About Advance Gold Corp: Advance Gold is focused on acquiring and developing gold and precious metal projects in stable jurisdictions with manageable risk.
For further information, please contact:
Jim Gillis, President
Advance Gold Corp.
432 Royal Avenue
Kamloops, BC V2B 3P7
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.