Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (TSX-V: GLD) is pleased to announce that it has completed the non-brokered private placement of 1,500,000 non-flow-through units at a price of $0.05 per unit with Trelawney Mining and Exploration Inc., an indirect wholly owned subsidiary of IAMGold Corp.. As a result of this offering, Trelawney’s stake in GoldON increases to 16.9% (17.9% on a partially diluted basis).
Each unit consists of one common share and one-quarter of one warrant. Each full warrant, in turn, entitles the holder to purchase an additional common share at a price of $0.05 during the 12 months following the closing of the offering. The shares and warrants are subject to a four-month hold period expiring March 18, 2015.
GoldON relied on sections 5.5(c) and 5.7(b) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval. The offering was approved unanimously by GoldON’s directors. To the Company’s knowledge, neither it nor the purchaser have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. The Company’s properties include the Slate Falls gold-silver property in northwestern Ontario, and the Swayze gold project adjoining IAMGOLD’s multi-million ounce Côté Gold Project in the Swayze Greenstone Belt. For more information, visit www.goldonresources.com
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
Email: info@goldonresources.com
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Source:
GoldON Resources Ltd. (TSX Venture:GLD) http://goldonresources.com/
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