P2 Gold Upsizes Non-Brokered Private Placement

Company Overview

P2 Gold (TSXV: PGLD | OTCQB: PGLDF) is a mineral exploration and development company focused on advancing its gold-copper Gabbs Project on the Walker Lane Trend in Nevada, where work to support a feasibility study is underway. A positive preliminary economic assessment (PEA) has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces of gold and 15,000 tonnes of copper over a 14.2-year mine life. 

Unit Structure & Warrant Terms

P2 Gold has announced an upsize to its non-brokered private placement from 10 million units to 15 million units at $0.75 per unit, for gross proceeds of up to $11.25 million. The Quaternary Group Limited is subscribing for 10 million units of the offering.

Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $1.50 per share for a period of 2 years from the date of issue. All securities issued under the offering will be subject to a four-month hold period.

The offering will close upon completion of documentation and is conditional on receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange (TSXV). The offering will be made to accredited investors in all provinces of Canada pursuant to applicable securities laws. The securities have not been and will not be registered under the US Securities Act of 1933 and may not be offered or sold in the US absent registration or an applicable exemption.

Next Steps

The offering remains subject to regulatory approval, including acceptance by the TSXV, and will close upon completion of documentation. Proceeds will be used to fund exploration and development expenditures at the Gabbs Project in Nevada and for general corporate purposes.