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Private Placement: Gelum Resources (CSE:GMR)

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Gelum Resources is looking to raise gross proceeds of up to $2 million from a combination of flow-through and non flow-through private placements. With the flow-through placement, the company is looking to raise up to $1 million from the placement of up to 2,857,143 shares priced at $0.35 per share. With the non flow-through placement, the company is looking to raise up to $1 million from the placement of up to 4 million units priced at $0.25 per unit. The units consist of one share and one-half a warrant, with each full warrant exercisable at $0.45 for 18 months, subject to an acceleration clause.

Additional Information:

Company: Gelum Resources
Website: http://www.GelumResources.com
Stock Symbol: CSE: GMR
Date Published: Dec 6, 2021
Transcript: Available

Video Transcript:

I’m Katriina Cotton for Investmentpitch Media

Gelum Resources has announced two non-brokered private placements.

The company is looking to raise gross proceeds of up to $2 million from a combination of flow-through and non flow-through private placements.

With the flow-through placement, the company is looking to raise up to $1 million from the placement of up to 2,857,143 shares priced at $0.35 per share.

With the non flow-through placement, the company is looking to raise up to $1 million from the placement of up to 4 million units priced at $0.25 per unit.

The units consist of one share and one-half a warrant, with each full warrant exercisable at $0.45 for 18 months, subject to an acceleration clause.

The shares, which began trading on the CSE on October 18, are currently trading at $0.27.

Net proceeds will be used to for exploration and drilling on its Eldorado Project, British Columbia and for general working capital.

The company’s Eldorado Gold Property, located within the Bralorne-Bridge River Gold District in south-central British Columbia, Canada, is situated approximately 22 kilometres north of the Bralorne mine, 17 kilometres north of the community of Gold Bridge, and approximately 190 kilometres north of Vancouver.

The large, 7,360-hectare property covers multiple polymetallic Minfile listings and two past producing, small-scale mines that form the northern extent of the Bridge River-Bralorne/Pioneer orogenic gold system.

The project is host to six significant gold occurrences, three significant mercury prospects and two tungsten-mercury prospects.

A small chromite prospect is also recorded on the southwest side of Eldorado Mountain.

Orogenic gold occurs in polymetallic sulphide veins and vein stockwork within broad quartz-carbonate alteration within the Eldorado granodiorite stock and surrounding volcanic, sedimentary, and serpentinized ultramafic rocks.

The property is underlain by the same rock units and lies along one of the main faults tied to mineralization within the system.

These units are complexly juxtaposed along numerous faults associated with regional-scale structures linked to gold mineralization in the region.

The most recent drilling on the property in 2011 by GFE Exploration Corporation, which consisted of five holes totalling 1,379 metres, intersected numerous, widespread intervals of gold mineralization, including 1.22 metres of 32.6 grams per tonne gold (0.94 metres true thickness) at 292 metres down-hole, where visible gold occurs within a quartz carbonate-sulphide vein.

In August and September of 2021, a crew of four people spent 8 days collecting soil and rock samples in two recently defined High Priority target areas.

The company has identified five high-priority geochemical targets and plans to complete an Airborne geophysics programme prior to year end, with a 4,000-metre drill campaign planned for the spring of 2022.

For more information, please visit the company’s website at www.GelumResources.com, contact David Smith, President, at 604-484-1228 or by email at DSmith@GelumResources.com.

I’m Katriina Cotten Investmentpitch Media