White Gold Corp. Announces Closing of Fully Subscribed $4.4 Million Private Placement

TORONTO, Dec. 19, 20,22 (GLOBE NEWSWIRE). White Gold Corp. (TSX.V, OTCQX, WHGOF) (the "Company" or "White Gold") is happy to announce that a private non-brokered placement has been completed for an aggregate gross proceeds of $4.4 million (the "Offering").
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Agnico Eagle Mines Limited (or 'Agnico) participated in the offering to keep its 19.8% ownership. The Offering comprised: (i) 1,885,000 common share in the capital of Company (the "Common Shares") at $0.38 per Share; (ii) 9,025,780 common shares issued on a flow-through basis (the "FT Shares" and together with the Common Shares the "Offered Shares") at $0.41 per FT Share. "We are grateful to Agnico and all our shareholders for their continued support. We are now funded for what we hope will be an exciting and impactful exploration program for 2023, following the encouraging results of the past season.
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We have significantly extended the mineralized zone at Betty Ford, which is close to large copper and gold deposits. We are eager to explore this potential property. David D'Onofrio is Chief Executive Officer. He stated that he also looks forward to expanding our property pipeline to make new discoveries. Agnico and the Company entered into an investor rights agreement dated December 13, 2016. Agnico retained its 19.8% pro-rata ownership interest in Agnico on a partially-diluted basis. The Company acquired 1,885,000 common shares under the Offering.
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The net proceeds from the sale will be used to incur 'Canadian exploratory expenses' according to subsection 66.1(6) under the Income Tax Act (Canada), ('Tax Act'). These expenses will be incurred on Company properties in White Gold District, Yukon Territory. They will also be renounced to subscribers to the Offering. This offer is effective no later than December 31, 2022. These Canadian exploration expenses are also deemed 'flow-through mining expenses' under subsection 127(9). The net proceeds of the Common Shares sale will be used to fund working capital and other corporate expenses.
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Agnico's participation in the Offering was considered to be a "related party transaction" under Multilateral Instrument (MI 61-101) - Protection Minority Security Holders In Special Transactions. In reliance on sections 5.5(a), 5.7(1)(a), and MI 61-101, the Company was exempted from the requirement to obtain a formal valuation of minority shareholders approval for Agnico's participation. A material change report regarding Agnico's participation in the Offering will be filed less than 21 days before the closing of this Offering. This was the Company's reasonable assessment of the circumstances to allow it to take advantage of possible financing opportunities and close the Offering quickly.
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The Offered Shares are subject to a four-month and one-day hold period as per applicable Canadian securities laws, which expires on April 20, 2023. The final acceptance of the TSX Venture Exchange ("TSXV") is required for the Offering. White Gold Corp
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The Company has a portfolio that includes 17,584 quartz claims spread across 30 properties, covering more than 40% of Yukon's emerging White Gold District. The Company's flagship White Gold property is home to the Company's Golden Saddle & Arc deposits. These deposits have a mineral resource totalling 1,139,900 ounces Indicated as 2.28 g/t A and 402,100 respectively. (1) The mineralization at the Golden Saddle and Arc are also known to be beyond current resource estimates.
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The recently acquired VG Deposit contains an Inferred Gold Resource of 267,600 ounces at 1.62 g/t A(2). Other new discoveries and targets have been made in the Company's regional exploration. These include the Coffee project, owned by Newmont Corporation, with Measured and Indicated Resources at 2.17 Moz at 1.46g/tAU and Inferred Resources at 0.50 Moz @ 1.32g/tAU(3); and Western Copper and Gold Corporation’s Casino project, which has Measured and Indicated Resources at 14.8 Moz Au and 7.6Blb Cu, and Inferred Resources at 6.3 Moz au and 3.1 Blbcu(4). Visit URL for more information.
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(1) White Gold Corp. technical reports titled "Technical Report For the White Gold Project Dawson Range, Yukon Canada", Effective Date May 15, 2020 and Report Date July 10, 2020" prepared by Andrew Hamilton, P.Geo. Available on SEDAR
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(2) White Gold Corp. technical reports titled "Technical Report for QV Project Yukon, Canada", Effective Date October 15, 2021 and Report Date November 15, 2021 are available on SEDAR. (3) Newmont Corporation press release entitled 'Newmont Reports 2021 mineral reserves of 93 million gold Ounces, and 65 million Gold Equivalent Ounces’, dated February 24, 20,22: URL.aspx
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(4) Western Copper and Gold Corporation technical reports titled "Casino project Form 43-101F1 Technical report Feasibility Study Yukon Canada", Effective Date June 13, 2022 and Issue August 8, 2022. They were prepared by Daniel Roth (PE, P.Eng.), Mike Hester, F Aus IMM. John M. Marek. P.E, Laurie M. Tahija. MMSA-QP. Carl Schulze, P.Geo. and Daniel Friedman. Scott Weston, P.
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Terry Brace, P.Geo. Qualified Person Qualified Person Terry Brace, P.Geo. Cautionary Note Concerning Forward-Looking Information: This news release contains forward-looking information and statements (collectively "forward looking statements"), within the meanings of Canadian securities legislation.
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Other than statements of historical facts, all statements are forward-looking statements. They are based upon expectations, estimates, and projections at the date this news release. Any statements that discuss predictions, expectations or beliefs, plans and projections, objectives and assumptions, future events and performance (often using phrases like "expects", but not always "anticipates", or "doesn't anticipate", "anticipates", or "doesn't anticipate", "plans", "budget", schedule", forecasts", estimates", "estimates", believes, or "intends", or stating that certain events, results, or actions "may", or "coula", "might", "would", or "would", or "might", "would", or "might", or "might", or "will", "will", "coulamount", or "would", "might", "might", "might", "might", or "will", or "coulamount", "would", or "might", or "might", "might", or "might", or even "m or other than "would", or any of the "coulad" or others, or "might", or "might", or "might", or "might", or "might", or "coulad" or any of that "coulad" or that "coulad" or that "coulad" or that "might", or that "coulad" or that "might", or that "might", or that "might", or that "might", or that "might", or that "coulad or that "coulad or that "might", or that "might", or that "might", or that "might", or that" to be achieved or that they will be based on our current exploration or cost or financing options and/cove or that if we have head or that s or that based on our funding and/cove or that -based on future or that s or that s or that s or that s or that s or that s or that s or that s or to fund or that we have in the s or that will be s or that s or that s or that s s or that we s s or that. We are Forward-looking statements include, among others, the Company’s goals, future growth potential, and any proposed exploration activities at Company properties.
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These forward-looking statements are made based on reasonable assumptions, estimates and projections of management at the time they were made. Future results could differ materially from those projected. Forward-looking statements are subject to known and unknown risks and uncertainties. These factors include the Company's expected benefits from the White Gold properties' exploration; receipt of all relevant regulatory approvals for this Offering; failure of to identify additional mineral resources or significant mineralization; preliminary results of metallurgical tests; uncertainties regarding the availability and cost of future financing; fluctuations and changes in global macroeconomic conditions; fluctuations and fluctuations in spot and forward price of gold, silver and base metals; fluctuations and fluctuations in foreign currency markets; employee relations; claims of local communities and indigenous peoples; change in project parameters; title to properties
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Forward-looking statements in this news release reflect what management believes to be reasonable assumptions at the time. However, the Company cannot guarantee that actual results will conform to such forward-looking statements as other factors may cause results to differ from those anticipated, estimated, or intended. Forward-looking information and statements should not be relied upon by readers. Forward-looking information and the assumptions or material factors used to create it are not guaranteed to be accurate.
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Except as required by securities law, the Company will not release any revisions to any forward-looking statements. Neither the TSXV or its Regulation Services Provider (as defined in the policies by the TSXV), accepts responsibility for this news release's accuracy and adequacy. Contact Information: David D'Onofrio Chief executive Officer White Gold Corp
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(647) 930-1880 EMAIL