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VANCOUVER, British Columbia, July 17, 2020 (GLOBE NEWSWIRE) -- Triumph Gold Corp., (TSX-V: TIG) (OTCMKTS: TIGCF) (the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) of 16,598,000 units (“Units”) at a price of $0.20 per Unit for aggregate gross proceeds to the Company of $3,319,600. Each Unit is comprised of one common share and one-half of one transferable common share purchase warrant of the Company. Each whole warrant is exercisable into one common share of the Company at an exercise price of $0.30 per share for a period of three years.
Proceeds of the Private Placement will be used primarily for the Company’s exploration activities and for general working capital purposes. The securities issued pursuant to the Private Placement are subject to a hold period of four months and one day in accordance with applicable securities laws.
The Company had agreed to pay a finders fee in cash equal to 7.0% of the gross proceeds from the sale of Units to third parties sourced by the finders as well as warrants to purchase that number of common shares of the Company equal to 7.0% of the number of Units sold to third parties sourced by the finder. The finder’s warrants will be exercisable at C$0.25 per common share for a period of three years from the date of closing.
About Triumph Gold Corp.
Triumph Gold Corp. is a growth oriented Canadian-based precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain Project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com.
On behalf of the Board of Directors
Signed “John Anderson”
John Anderson, Executive Chairman
| For further information please contact: John Anderson, Executive Chairman Triumph Gold Corp. +1 (604) 218-7400 janderson@triumphgoldcorp.com | Nancy Massicotte IR Pro Communications Inc. +1 (604)-507-3377 nancy@irprocommunications.com |
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