NOT FOR DISTRIBUTION IN THE UNITED STATES
Vancouver, BC – Giga Metals Corp. (TSXV: GIGA) announces today that the Company has closed its previously announced private placement offering of 1,015,823 units (the "Units") of the Company for gross proceeds of $486,378.32 (the "Offering").
The Units consisted of 600,000 non-flow through units priced at $0.45 comprised of one common share and one common share purchase warrant (each, a "Warrant"), and 415,823 flow through units priced at $0.51 comprised of one flow through common share and one Warrant. Each Warrant entitles the holder thereof to purchase one non-flow through common share at a price of $0.60 at any time until April 27, 2024. The securities issued in the Offering are subject to a statutory hold period expiring on August 28, 2021.
In connection with the Offering, the Company has paid to certain finders a cash commission equal to 6.5% of the gross proceeds from the Offering.
The Company intends to use the net proceeds from the flow through Units on infill drilling and other CEE eligible expenses, and net proceeds from the non-flow through Units for working capital.
The securities described in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors,
MARK JARVIS, CEO
GIGA METALS CORPORATION
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Giga Metals. Forward looking statements include the intended use of proceeds of the Offering. Factors which could cause actual results to differ include that certain of the proceeds of the Offering may need to be used other than as set out in this news release. Although Giga Metals believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Giga Metals disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.