Dryden Gold Corp. Announces the Closing Its of Previously Announced Upsized Equity Financing with Participation from Centerra Gold

Core Points - Dryden Gold Corp. has successfully closed its upsized non-brokered equity financing, raising a total of $7,820,120 through the issuance of 31,721,667 common shares [1][2] - Centerra Gold Inc. exercised its 'top-up right' to maintain a 9.9% interest in Dryden Gold, as per the investor rights agreements [2] - The proceeds from the financing will be allocated to drilling and regional field work on the Dryden Gold Property, qualifying as eligible resource exploration expenses under Canadian tax laws [3] Financing Details - The financing consisted of three types of shares: 9,216,667 flow-through common shares (FT Shares) at $0.24 each, 13,180,000 charity flow-through common shares (CFT Shares) at $0.284 each, and 9,325,000 hard dollar common shares (HD Shares) at $0.20 each [1] - The total proceeds from FT Shares were approximately $2,212,000, from CFT Shares were about $3,743,120, and from HD Shares were around $1,865,000 [1] Use of Proceeds - Gross proceeds from FT Shares and CFT Shares will fund additional drilling and field work on the Dryden Gold Property, qualifying as Canadian exploration expenses and flow-through mining expenditures [3] - Proceeds from HD Shares will be used for working capital, general and administrative expenses, and marketing [3] Insider Participation - The CEO of Dryden Gold subscribed for 250,000 HD Shares, while the VP of Exploration subscribed for $50,000 worth of HD Shares [4] - The issuance of HD Shares to insiders is classified as a related party transaction, with the company relying on exemptions from formal valuation and minority shareholder approval requirements [4] Regulatory Compliance - The share issuance is subject to final acceptance by the TSX Venture Exchange and compliance with applicable regulatory requirements [5] - The financing was conducted under the Listed Issuer Financing Exemption, meaning it will not be subject to a hold period under Canadian securities laws [5]