Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") has received gross proceeds of approximately $646,730.25 pursuant to the exercise of 2,586,921 share purchase warrants at an exercise price of $0.25 per share. This equates to a 98.8% conversion rate from a total series of 2,618,032 warrants issued in connection with a non-brokered private placement that closed on May 17, 2019.
In combination with the non-brokered private placement closed yesterday (Company news release dated May 18, 2021), the Company has received aggregate gross proceeds of $3,356,855.25. The funds received from the warrant conversion add to a healthy bank account and ensures the Company is well financed for a very active 2021 exploration season.
The 2021 Phase One, 4,000 metre, drill program at the Fondaway Canyon Gold project, host to a sizable historic resource, is expected to start shortly. In addition, the maiden drill program at the high-grade Copper-Gold-Silver Star project, 60 kms to the north, will be sequenced in during the course of the Fondaway Phase 1 drill program.
The Company will provide notification upon the commencement of drilling and intends to provide further details of the Fondaway Phase 1 drill program at that time.
About Getchell Gold Corp.
The Company is a Nevada-focused gold and copper exploration company trading on the (CSE: GTCH) and (OTCQB: GGLDF). Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a significant in-the-ground historic resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource and two earlier stage exploration projects, Star and Hot Springs Peak. Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.
The Company reiterates that its near-term strategy to advance its assets is not impacted by the COVID-19 Coronavirus. The Company continues to monitor the situation and is in compliance with all government guidelines.
Mr. William Wagener, Chairman & CEO
Getchell Gold Corp.
+1 303 517 8764
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United States.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, use of proceeds from the financing, capital expenditures and other costs, and financing and additional capital requirements. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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