Golden Pursuit Raising up to $900,000 to Advance Gordon Lake Project
Vancouver, November 8, 2021 - Golden Pursuit Resources Ltd. (the "Company") (TSXV:GDP) OTC:FPVTF) will raise up to $900,000 through a non-brokered private placement consisting of up to 2,000,000 non-flow-through common shares at $0.15 per shares and up to 4,000,000 flow-through common shares at $0.15 per share. The Company will pay finders fees comprised of a combination of cash and warrants. The flow-through shares will qualify as "flow-through shares" for the purposes of the Income Tax Act (Canada) (the "Act"). The Proceeds of the flow-through private placement will be used to incur "Canadian exploration expense" (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2022, and as required under the Act.
The company will use the financing to primarily advance the Gordon Lake Project. The company is in the process of submitting a land use permit to the Mackenzie Valley Land and Water Board to cover line cutting, ground and airborne geophysics, camp build, geological and geochemical sampling, geological mapping and diamond drilling. We expect the permit to be issued shortly. Non flow-through funds will be used for generating additional projects and general working capital.
The company will work systematically towards a drill program to optimize target selection. Significant historical intersections have been returned at Kidney Pond (65.92 g/t Au over 4.54 meters) with the largest intersection returning 4.36 g/t Au over 44.7 meters. For instance, we are establishing geophysical template at Kidney Pond to help evaluate other areas where quartz breccia zones have been found.
Golden Pursuit is committed to establishing a compliant resource at Kidney Pond but also looking to identify additional resources.
All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
The foregoing is subject to the approval of the TSX Venture Exchange.
Per: "Brian McClay"
Brian McClay, President
CONTACT INFORMATION:
Brian McClay
Email: bmcclay@aol.com
Tel: (604) 730-6982
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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