Funding to Drive Key Developments at South Mountain Mine and Strengthen Project Value
Boise, Idaho--(Newsfile Corp. - December 16, 2024) - Thunder Mountain Gold, Inc. (OTCQB: THMG) (TSXV: THM) (the "Company") announces the successful completion of a non-brokered private placement, raising US$620,000 (CAD$868,000) through the sale of 12,400,000 units at US$0.05 (CAD$0.07) each.
Each unit consists of one common share and one warrant, exercisable at US$0.10 (CAD$0.14) for a three-year term. The securities were sold exclusively to accredited investors, and no placement or brokerage fees were incurred. In aggregate, the Company issued 12,400,000 shares and 12,400,000 warrants. There were no broker fees paid.
The Company plans to use the proceeds from the private placement to fund exploration in the South Mountain Project in Idaho and Trout Creek Project in Nevada, and for general working capital. The proceeds will advance the South Mountain Project, the Company's flagship asset, funding ongoing development activities and administrative costs to enhance the project's value.
"We are very pleased with the strong support from our investors, which underscores confidence in the potential of our South Mountain Project," said Eric T. Jones, President and CEO of Thunder Mountain Gold, Inc. "This funding will provide the resources necessary to move forward with critical development initiatives and continue adding value for our shareholders."
Terms of the Offering:
- Total Raised: US$620,000 ($868,000)
- Unit Price: US$0.05 (CAD$0.07)
- Includes:
- 1 common share
- 1 warrant (exercise price: US$0.10, valid for three years)
The securities offered in this private placement are subject to applicable exemptions under U.S. and Canadian securities laws and cannot be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The shares, the warrants and any shares issued pursuant to exercise of the warrants are "restricted securities" under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and subject to a six month hold period prior to being eligible for resale under the U.S. Securities Act. In addition, the shares, the warrants and any shares issued pursuant to exercise of the warrants are subject to a four-month hold period under Canadian securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful. This private placement was previously announced on November 28, 2024.
Regarding Thunder Mountain Gold, Inc.
Thunder Mountain Gold Inc., a junior exploration company founded in 1935, owns interests in base and precious metals projects in the western U.S. The Company's principal asset is The South Mountain Mine, a historic former Anaconda Mining development of zinc, silver, gold, lead, and copper, located on private land in Owyhee County Idaho. Thunder Mountain Gold also owns 100% of the Trout Creek Project – a gold exploration project located along the western flank of the Shoshone Mountain Range in the Reese River Valley, adjacent to and surrounded by Nevada Gold Mines, a Barrick and Newmont Gold, Inc. joint venture. For more information on Thunder Mountain Gold, please visit the Company's website at www.Thundermountaingold.com.
OTHER COMPANY NEWS:
The Company held its annual shareholder meeting on December 10, 2024. The results of this meeting were filed on EDGAR and with SEDAR. Readers can view them there.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements in this press release include statements with respect to the terms and use of proceeds of the Private Placement, the ability of the Company to complete the Private Placement and the impact of the Private Placement on the Company. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. The forward-looking statements are based on certain assumptions, which could change materially in the future, including the assumption that the Private Placement will be completed. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk of completion of the Private Placement and uncertainties affecting the expected use of proceeds. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the 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.
For further information, please contact:
Thunder Mountain Gold Inc.
Eric T. Jones
President and Chief Executive Officer
(208) 658-1037
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233954
