Falcon Gold plans C$350,000 private placement at C$0.03 per unit

Falcon Gold Corp. (TSXV: FG) (FSE: 3FA) (OTC-Pink: FGLDF) announced a non-brokered private placement of up to 11,666,667 units at C$0.03 per unit, seeking gross proceeds of up to C$350,000, according to a press release.

Each unit will consist of one common share and one transferable common share purchase warrant. Each warrant will allow the holder to purchase one additional common share at C$0.05 for three years from the date of issuance.

The company said proceeds will be directed toward advancing its Northwestern Ontario property portfolio and for general working capital.

Management may participate in the placement, which would constitute a related party transaction under Multilateral Instrument 61-101. The company expects to rely on exemptions from formal valuation and minority shareholder approval requirements, as the value of securities issued to related parties is not expected to exceed 25% of the company's market capitalization.

All securities issued will be subject to a statutory hold period of four months and one day from closing. The company may also pay finder's fees in accordance with TSX Venture Exchange policies.

Completion of the placement is subject to TSX Venture Exchange approval and customary closing conditions.

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