October 28, 2022 — Silk Road Energy Inc. (TSXV: SLK), doing business under the name of Record Gold, is providing clarification on the description of its Four-Nations Grenfell gold property.
The agreement enables Record Gold to earn a 100 percent interest in two “claim-blocks” in the Grenfell Township, Ontario, and 13 “claim-cells”, which make up three “claim-blocks” in aggregate in the vicinity of Kenogami Lake, Ontario. No finder’s fee was paid or is payable pursuant to this acquisition.
The above description of the assets clarifies the previous description disclosed in the both the April 20 and October 26, 2022 news releases.
The Company is also providing additional information on its recently completed private placement:
The Company reports that it has closed its non-brokered private placement previously announced on October 25, 2021. Additional funds in the amount of $12,000 were generated from the issuance of 200,000 Units, in which each Unit consists of one common share of the Company and one common share purchase warrant at $0.06 per Unit in this third and final tranche. Each warrant will entitle the holder to acquire a common share at $0.12 per warrant for twelve (12) months following the issuance of Warrants. The terms of this Unit offering are now no longer available. In connection with this final tranche, 200,000 common share purchase warrants exercisable at $0.12 per share were issued. A total of $101,000 was raised through this private placement in a series of closings. The Company reports that, following this financing, it will have 29,276,104 shares outstanding.
The net proceeds from the Offering shall be primarily used for working capital and general and administrative expenses. No finder’s fee was payable. The Shares will be subject to a statutory hold period expiring on the date that is four (4) months and one day from the Closing Date. The Offering has received final approval from the TSX Venture Exchange.
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.