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News

Montage Gold Corp. Completes Combination with Avant Minerals and Closes Upsized Private Placement

August 29, 2019

Vancouver, British Columbia - August 29, 2019 - Montage Gold Corp., ("Montage" or the "Company") is pleased to announce it has closed the previously announced combination involving Avant Minerals Inc. ("Avant") as well as the concurrent non-brokered private placement financing announced by Orca Gold Inc. on July 18, 2019.

Due to strong demand, the financing was increased to approximately CAD$8.3 million from the minimum CAD$7.0 million that was targeted (the "Financing"). In connection with the Financing, Montage has issued a total of 18,546,596 common shares at an issue price of $0.45 per common share. The Company has paid finder’s fees consisting of cash equal to 5% of the total gross proceeds from subscribers introduced to the Company on eligible subscriptions. Total finder’s fees paid by the Company are approximately CAD$175,000.

The assets of Montage include:

  • Four exploration permits and nine permit applications in Côte d’Ivoire totalling 4,243km2
  • Nine exploration permits and two permit applications under earn-in in Burkina Faso totalling 1,128km2
  • Cash balance of approximately CAD$12 million

To view the full release, please press here.