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Avidian (AVGDF) Stock Rose More Than 6%. How Did That Happen?

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The stock of Avidian Gold Corp (OTCQB: AVGDF) climbed modestly and closed at $0.1557 at the previous close rising 6.43%. Avidian stock was up 6.43% over the last week versus a 15.93% monthly rise. As the company extended its non-brokered offer in Canada, AVGDF stock rose.

How did that placement work out?

Avidian brings together an experienced team of gold exploration project managers specializing in advanced stage projects in Alaska. The Golden Zone project at AVGDF hosts an indicated gold resource of 267,400 ounces, in addition to an inferred gold resource of 35,900 ounces at NI 43-101. The Amanita and Amanita NE gold properties located next to Kinross’s Fort Knox gold mine in Alaska, and the Jungo gold and copper properties located in Nevada are other projects of AVGDF.

In an announcement last week, Avidian shared that the TSX Venture Exchange (“TSXV”) had approved a 14-day extension of the closing date for the Company’s private placement announced on April 26, 2021, in order to allow time for subscriptions agreements to be received and processed.

  • The Company is offering common shares issued on a flow-through basis (“FT Shares”) in accordance with the Income Tax Act (Canada).
  • The FT Shares will be sold for $0.18 per share, with gross proceeds up to $2,500,000.
  • In addition to this, the remaining portion of the Offering will encompass the sale of units in the Company (“Units”) at a price of $0.15 per unit.
  • When combined with the sale of FT Shares, the gross proceeds of the offering will reach $6,000,000.
  • These units will feature a common share and half a warrant (a “Warrant”).
  • Full Warrants will entitle the owner to acquire a common share of the Company for a period of thirty-six (36) months at a price of $0.20.

Did AVGDF say anything else?

The AVGDF said that it reserves the right to increase its Offerings by 25%. Subject to TSXV approval, Avidian (AVGDF) anticipates closing its offering on or about June 9, 2021.

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