Vancouver, British Columbia--(Newsfile Corp. - March 19, 2020) - R7 Capital Ventures Ltd. ("R7 Capital"), an investment company wholly owned by Karim Rayani acquired an aggregate of 755,000 common shares of Falcon Gold Corp. by way of a series of open market purchases on the TSX Venture Exchange between October 24, 2019 and March 11, 2020. R7 Capital paid an aggregate of $35,280 representing an average purchase price of approximately $0.047 per share.
On December 10, 2019, R7 Capital, by way of a private placement acquired a further 500,000 flow-through common units at price of $0.05 cents for an aggregate of $25,000 comprising of one common share and one-half share purchase warrant exercisable at $0.075 cents for a two-year period. Mr. Rayani has since received incentive stock options to purchase an additional 600,000 shares of the Company. Together the shares purchased directly and indirectly, and stock options received by R7 Capital represent approximately 3.48% of the issued and outstanding common shares of the Company (assuming exercise of all warrants and stock options held).
Mr. Rayani now owns or has control or direction over (7,509,000 common shares representing 12.42%) for a total investment of $326,480. Assuming exercise of all stock options and warrants that total would represent 10,934,000 shares, or approximately 18.09% of Falcon's issued and outstanding common shares.
The shares were acquired by Mr. Rayani for investment purposes. Mr. Rayani may acquire additional securities of Falcon Gold either on the open market, or through private acquisitions, or sell securities of Falcon Gold either on the open market, or through private dispositions, in the future depending on market conditions, reformulation of plans and or relevant factors. Other than the foregoing, Mr. Rayani does not have any plans or any future intentions that relate to, or would result in, any of other foregoing matters.
Falcon Gold Corp.
About Falcon Gold Corp.
Falcon is a Canadian, mineral exploration company focused on generating, acquiring and exploring opportunities in the Americas. Its Ontario, Canada, projects include the Central Canada gold project in Atikokan, the Wabunk Bay gold/base metals project in Red Lake, Bruce and Camping Lake gold projects in Red Lake, and a 49-per-cent interest in the Burton gold property with Iamgold located near Sudbury.
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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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