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Warrior Gold Announces Initial Closing of Private Placement Financings

VANCOUVER , Feb. 21, 2019 /CNW/ - Warrior Gold Inc. (TSX-V - WAR) ("Warrior Gold" or the "Company") is pleased to announce that it has closed the first tranche (the "First Tranche Closing")  of its previously announced non-brokered private placement offerings of Units, each Unit priced at $0.07 and comprising one common share ("Common Share") and one-half common share purchase warrant and Flow Through Shares priced at $0.10 .  Under the First Tranche Closing, the Company has raised $310,755 through the issuance of 3,839,356 Units and 420,000 Flow Through Shares.  Each whole Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.15 for a period of 12 months from the date of the First Tranche Closing, provided that, if at any time following the expiry of the four month hold period the closing price of the shares is greater than $0.30 for 20 or more consecutive trading days, the Company may give notice to the Warrant holders that the expiry date of the Warrants will be accelerated and that the Warrants will expire on the 30th business day following the date of notice.

The Company paid finders fees of $11,560.40 and issued 65,431 broker warrants which have the same terms as the financing warrants.

The securities issued to this first closing are subject to a hold period of four months and a day from the date of closing. The Private Placement is subject to final approval by the TSX Venture Exchange.

The net proceeds from the Unit offering will be used for exploration and general corporate purposes and the gross proceeds from the Flow-Through Share offering will be used for Canadian Exploration Expenses and will qualify as "flow-through mining expenditures", as defined in the Income Tax Act ( Canada ).

Neither the 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.

SOURCE Warrior Gold Inc.


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