P2 Gold closes $5.68-million in financings

P2 Gold Inc. [PGLD-TSXV; CTIMF-OTC] closed a non-brokered private placement of flow-through units, premium flow-through units and non-flow-through units for gross proceeds of approximately $5.68-million.

In closing the private placement, the company issued 3,959,933 flow-through-units (FT Units) of the company for gross proceeds of approximately $3.05 million, 1,458,616 premium flow-through units (PFT Units) of the company for gross proceeds of approximately $1.23 million and 2,421,188 non-flow-through units (NFT Units) of the company for gross proceeds of approximately $1.40 million.

Under the FT Offering, Probity Mining 2021-II Short Duration Flow-Through LP acquired 1,948,052 FT Units for approximately $1.5 million, Cordillera Minerals Group Ltd acquired 530,000 FT Units for $408,100 and funds managed by Sprott Asset Management LP acquired 450,000 FT Units for $346,500.

Each FT Unit consists of one flow-through common share (a FT Share) and one non-flow-through common share purchase warrant (FT Warrant). Each FT Warrant is good to but one additional non-flow-through common share at an exercise price of $0.90 per common share for two years with certain conditions.  Gross proceeds of the FT Offering will be used to fund exploration expenditures on the BAM property and other Canadian Exploration Expenses that will qualify as flow through mining expenditures and BC flow-through mining expenditures.

Each PFT Unit consists of one flow-through common share (PFT Share) and one non-flow-through common share purchase warrant (PFT Warrant). The PFT Shares qualify as flow-through shares. Each PFT Warrant is good to buy one additional non-flow-through common share at an exercise price of $0.90 per common share for two years from the date of issue with certain conditions.

Gross proceeds of the PFT Offering will be used to fund exploration expenditures on the BAM property and other Canadian Exploration Expenses that will qualify as flow through mining expenditures and BC flow-through mining expenditures.

Each NFT Unit consists of one non-flow-through common share in the capital of the Company and one non-flow-through common share purchase warrant (NFT Warrant). Each NFT Warrant entitles the holder to purchase one additional non-flow-through common share at an exercise price of $0.90 per common share for two years from the date of issue with certain conditions.

The proceeds of the NFT Offering will be used to fund exploration expenditures and for general corporate purposes.