On November 24, 2020, Bayshore Minerals Incorporated completed a private placement of 5,185,433 subscription receipts at a price of $0.90 per subscription receipt for gross proceeds of approximately $4.6 million.
The private placement was conducted on a best efforts basis and was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. as the agents.
The offering was completed in connection with the contemplated business combination of Bayshore and Freeform Capital Partners Inc., which is intended to be Freeform’s qualifying transaction. In connection with the qualifying transaction, Freeform will be renamed Gold Mountain Mining Corp. Each subscription receipt will entitle the holder thereof to receive, upon the completion of the qualifying transaction, one common share and one-half of one common share purchase warrant of Gold Mountain. Each subscription receipt warrant will be exercisable for one common share of Gold Mountain at an exercise price of $1.20 for a period of 36 months following the escrow release date. The net proceeds from the private placement are intended to be used for the exploration and development of the Elk Gold Project, a property payment due to Equinox Gold Corp. for the purchase of the Elk Gold Project, and general working capital purposes.
Cassels acted for the agents with a deal team that included Chad Accursi, James Lyle and Tiffany Chiu (Securities and Mining).