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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Oct. 06, 2022 (GLOBE NEWSWIRE) — GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the “Company” or “Gold’n Futures”) is pleased to announce a private placement financing for exploration funds.
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Gold’n Futures intends to complete a non-brokered, private placement financing (the “Offering”) for gross proceeds of up to $2,000,000. Pursuant to the Offering, the Company intends to issue up to 40,000,000 “flow-through” units (“FT Units”), at a price of C$0.05 per FT Unit.
Each FT Unit will consist of one common share in the capital of the Company on a “flow-through” basis (each, a “FT Share”) and one common share purchase warrant (“Warrant”).
The proceeds from the sale of FT Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) and will be renounced for the current taxation year. Each Warrant is exercisable to acquire one common share of the Company at a price of C$0.075 for a 24-month term.
Completion of the Offering is subject to approval of the Canadian Securities Exchange and other requisite approvals. All of the securities issuable in connection with the Offering will be subject to a hold period expiring four months and one day after date of issuance.
A finder’s fee in shares, cash, warrants or a combination of all may be payable in connection with this placement which will not exceed the maximum allowable under the policies of the CSE.
The Company intends to use the net proceeds from the private placement for exploration of the Hercules Project in northern Ontario. Gold’n Futures plans to advance the Hercules Project and build on its successes to date with its comprehensive program of structural mapping, ground geophysical surveys, diamond drilling, and prospecting of new showings and recently defined targets. In addition, the Company will incorporate all of its past work with the extensive historical databases for a new property-wide computer model to direct its advanced programs and to facilitate its new gold resource model.
The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Ontario and is 40 km west of the Hardrock-Greenstone gold mine. The Property comprises 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical drilling totalling in the order of 570 holes. With surface grab samples grading up to 10,374 g/t gold and channel samples up to 32.96 g/t gold across 11.6 m, the Hercules gold zones offer top tier targets for the expansion of its historical resources.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
President and CEO,
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
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