(TheNewswire)
November 4 th , 2022 – TheNewswire - London, Ontario – Goldseek Resources Inc. ( CSE:GSK) (FSE:4KG) (“Goldseek” or the “ Company ”) is pleased to announce thatit plans to raise up to $850,000 in aggregate of $150,000non-flow-through funds (the "Non-Flow-Through Placement) and$700,000 flow-through funds (the "Quebec Flow-ThroughPlacement") by way of a non- brokered privateplacement (the “Offering”). The majority of the Offering has beencommitted by the Chairman of the Company.
The Non-Flow-Through Placement will consist of the saleof 4,285,715 common shares priced at $0.035 per share. The QuebecFlow-Through Placement will consist of the sale of 17,500,000flow-through shares at a price of $0.04 per flow-through share, witheach such share issued as a “Flow-Through Share” within themeaning of the Income Tax Act (Canada).
The intended participation in the Offering by Mr. KJDeluce makes the Offering a “related party transaction” as definedin Multilateral Instrument 61?101 – Protection of MinoritySecurity Holders in Special Transactions (“MI 61?101”). Because the common shares of the Company trade on the CanadianSecurities Exchange, the private placement is exempt from the formalvaluation requirements of Section 5.4 of MI 61-101 pursuant toSubsection 5.5(b) of MI 61-101 and exempt from the minority approvalrequirements of Section 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 acontrol position in the Company and own 25,532,906 common shares whichwill represent approximately 42.6% of the Company’s then outstandingcommon 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 does not intend to issue finders’ fees on thisfinancing.
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.
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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 on the Company’swebsite.
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.
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