Gold Line Resources Ltd (OTCMKTS:TLLZF) Stock On Radar Following Private Placement

Gold Line Resources Ltd (OTCMKTS:TLLZF), focusing on acquiring mineral properties with exploration potential in gold-producing regions of Sweden and Finland, on May 1, 2023, announced that it has closed the non-brokered private placement for gross proceeds of $1,000,000.

Trading Data

On Monday, TLLZF stock ended flat at $0.0847 with 1.40K shares, compared to volume of 1.14K shares. The stock moved within a range of $0.0847 – 0.0847 after opening trade at $0.0847.

Gold Line Closes Private Placement Raising $1,000,000

The firm issued an aggregate of 8,333,334 units at a price of $0.12 per unit comprising 8,333,334 common shares as well as 4,166,667 share purchase warrants. Gold Line Resources Ltd paid finder’s fees totalling $21,564 and issued about 179,700 compensation warrants to somearms-length finders.

All Compensation Warrants are exercisable at a price of $0.25 per share for a single common share in the capital of the firm for twenty-four months from the date of issuance, which would expire on April 28, 2025. All securities issued related to

Private Placements are subject to a four-month and one-day statutory hold period, which would expire on August 29, 2023.

The financing proceeds will be used for exploration and general working capital in Sweden. Two company insiders participated in Private Placement and acquired about 833,333 Units. These purchases comprise “related party transactions” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Such issuances are exempt from minority shareholder approval needs and formal valuation.