(TheNewswire)
VANCOUVER - TheNewswire – December 22, 2021, Providence GoldMining Inc. (“Providence” or the “Company”)(TSXV:PHD ) US ( OTC:PRRVF ) ( FRANKFURT:7RH1-F) is pleased to announce further to its December 2, 2021 news release announcing anon-brokered private placement unit offering (the “ Private Placement ”)of up to 18,571,500 units of the Company at a price of $0.07 per ordinary share attached with a one yearwarrant at an exercise price of $0.15 to raise total gross proceeds ofthe issue of $1,300,000.
The Company anticipates completing the offering in theNew Year and has closed the first tranche of $83,125 for anaggregate amount of 1,187,500 units. Certain insidersof the Company have already participated in the amount of 830,000units under the Private Placement.
Finders’ fees may be payable in connection with theoffering and those qualified persons involved as finders will receive a cash fee of up to7% cash and 7% brokers warrants of the proceeds raised.
Closing of the Private Placement is subject to allnecessary regulatory approvals including acceptance from the TSXVenture Exchange. All securities issued in connection with the PrivatePlacement will be subject to a four-month hold period from the closingdate under applicable Canadian securities laws, in addition to suchother restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company now plans a 4,000 meter near surface coredrill program designed to evaluate the significant gold potentialbetween and beneath each of the numerous historical high-grade goldproducers within the Providence Group of Gold Mines and in further toconfirming and ratifying results of other investigative resultsincluding the recent high-tech underground 3-D terrestrial surveymodeling.
Ronald Coombes states, “oursuccessful work programs have provided target confidence and coredrilling will now provide proof to once again make the Providence oneof the great Motherlode producers.”
History:
The Providence Mines have been sitting idle since1916.
About Providence Gold Mines Inc.:
Providence Gold Mining Inc. is an advanced-stage gold mine exploration and development company.
For more information, please contact Ronald Coombes, President and CEO of the Company.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President &CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
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CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION
Neither the OTCQB and or the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
All statements, trend analysis and other informationcontained in this press release relative to markets about anticipatedfuture events or results constitute forward-looking statements. Allstatements, other than statements of historical fact, included herein,including, without limitation, statements relating to the permittingprocess, future production of Providence Gold Mines, budget and timingestimates, the Company ’ sworking capital and financing opportunities and statements regardingthe exploration and mineralization potential of theCompany ’ s properties,are forward-looking statements. Forward-looking statements are subjectto business and economic risks and uncertainties and other factorsthat could cause actual results of operations to differ materiallyfrom those contained in the forward- looking statements. Importantfactors that could cause actual results to differ materially fromProvidence Gold Mines expectations include fluctuations in commodityprices and currency exchange rates; uncertainties relating tointerpretation of drill results and the geology, continuity and gradeof mineral deposits; the need for cooperation of government agenciesand native groups in the exploration and development of properties andthe issuance of required permits; the need to obtain additionalfinancing to develop properties and uncertainty as to the availabilityand terms of future financing; the possibility of delay in explorationor development programs and uncertainty of meeting anticipated programmilestones; and uncertainty as to timely availability of permits andother governmental approvals. Forward-looking statements are based onestimates and opinions of management at the date the statements aremade. Providence Gold Mines does not undertake any obligation toupdate forward-looking statements except as required by applicablesecurities laws. Investors should not place undue reliance onforward-looking statements.
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