GSKKF - Goldseek Closes $831500 Private Placement
(TheNewswire)
November 30 th , 2022 – TheNewswire - London, Ontario – Goldseek Resources Inc. ( CSE:GSK) (FSE:4KG) (“Goldseek” or the “ Company ”) is pleased to announce thatit has closed $831,500 in aggregate of $131,500 non-flow-through funds(the "Non-Flow-Through Placement) and $700,000 flow-through funds(the "Quebec Flow-Through Placement") by way of a non- brokered private placement (the “Offering”).
The Company has issued 3,757,143 non-flow-throughcommon shares priced at $0.035 per share. Additionally, the Companyhas issued 17,500,000 Quebec flow-through shares at a price of $0.04per flow-through share, with each such share issued as a“Flow-Through Share” within the meaning of the Income Tax Act(Canada).
Participation in the Offering by Mr. KJ Deluce makesthe Offering a “related party transaction” as defined inMultilateral Instrument 61?101 – Protection of Minority SecurityHolders in Special Transactions (“MI 61?101”). Because thecommon shares of the Company trade on the Canadian SecuritiesExchange, the private placement is exempt from the formal valuationrequirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b)of MI 61-101 and exempt from the minority approval requirements ofSection 5.6 of MI 61-101 pursuant to Subsection 5.7(a) of MI 61-101.On closing of the Offering, Mr. Deluce will take a control position inthe Company and own 25,532,906 common shares which will representapproximately 43.0% of the Company’s then outstanding common shares.
The Company intends to use the proceeds from the QuebecFlow-Through Placement to continue exploration and development of theCompany's Quebec properties. The proceeds from the Non-Flow-ThroughPlacement will be used for general working capital purposes. TheCompany did not issue finders’ fees on this financing.
All securities issued under the Private Placement willhave a hold period of four months and a day from closing and aresubject to the Company’s filing requirements with the CanadianSecurities Exchange.
About Goldseek’s Flagship :Beschefer Project:
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Advanced gold exploration project with significantnear-term resource potential
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Located in a favourable orogenic gold setting 45 kmnortheast of the Casa Berardi Mine and 30 km southwest ofWallbridge’s Fenelon Gold Project. 1
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Highlights of the best intersections include 4.92 g/t gold over 28.65metres in hole BE-21-02 (including 11.39 g/t over 9.1m ), 55.63 g/t goldover 5.57 metres in hole BE13-038 ( including 224 g/t over 1.23m ; 13.95 g/tover 0.68m and 13.70 g/t over 0.73m ), 13.07 g/t gold over 8.75metres in hole B12-014 ( including 58.5 g/t over 1.5m ), 3.56 g/t gold over28.4 metres in hole B14-006 ( including 7.42 g/t over 5.5m ), and 10.28 g/t goldover 8.00 metres in hole B14-35 ( including 86.74 g/t over 0.60m ). True width in these sections vary between 89% and 99% ofthe intercepted width.
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The mineralization shows high-grade gold-bearingstructures hosted in a lower grade envelope, highlighting the regionalpotential along the already defined shear zones on theProperty.
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The Company’s qualified person who has reviewed andapproved the technical disclosure contained in this news release isdocumented at this link and onthe Company’s website.
ON BEHALF OF THE BOARD
Jonathon Deluce
Chief Executive Officer
Telephone: 226-271-5170
For more information, pleasecontact:
Goldseek Resources Inc.
E-mail: goldseekresources@gmail.com
The reader is invited to visit Goldseek's web sitehttps://www.goldseekresources.com/
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider accepts responsibilityfor the adequacy or accuracy of this release.
1 Reference to nearby properties is forinformation purposes only and there are no assurances the Company’sproperties will achieve similar results.
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