Fairchild Gold completes C$1.25 million private placement financing

Fairchild Gold Corp. (TSXV: FAIR) announced the completion of its non-brokered private placement financing, raising gross proceeds of C$1,245,712. The company issued 13,841,249 units at C$0.09 per unit.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at C$0.15 each for 60 months from issuance. An acceleration clause permits the company to reduce the warrant expiry period to 10 days if shares trade at or above C$0.50 for five consecutive days after 12 months from closing.

No finder's fees were paid for the offering. The securities are subject to a four-month statutory hold period and require final approval from the TSX Venture Exchange. The company plans to use proceeds to advance its Nevada gold projects and for working capital.

A company insider purchased 1,200,000 units in the offering, representing a related party transaction under exchange policies. The transaction qualified for exemptions from formal valuation and minority shareholder approval requirements as the fair market value did not exceed 25% of the company's market capitalization.

The financing increased insider Shahal Khan's holdings to 14,200,000 common shares, 8,200,000 warrants, 2,000,000 stock options and 1,500,000 restricted share units. This represents 7.96% of outstanding shares, or 13.62% on a partially diluted basis.

Fairchild Gold operates mineral exploration and development projects focusing on copper, gold and silver assets in Nevada, including the Nevada Titan, Golden Arrow and Carlin Queen properties.

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