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VANCOUVER, British Columbia, April 05, 2023 (GLOBE NEWSWIRE) — P2 Gold Inc. (“P2” or the “Company”) PGLD PGLDF reports that it intends to complete a non-brokered private placement of flow-through units (the “FT Offering”) and non-flow-through units (the “NFT Offering”) (collectively, the FT Offering and the NFT Offering the “Private Placement”).

Flow-through offering

The FT Offering consists of up to 9.5 million flow-through units in the Company’s capital (the “FT Units”) at a price of $0.32 per FT Unit for gross proceeds of up to approximately $3 million $.

Each FT Unit consists of one flow-through common share in the capital of the Company (an “FT Share”) and one non-flow-through common share purchase warrant (an “FT Warrant”). The FT Shares qualify as “flow-through” Shares for the purposes of the Income Tax Act (Canada). Each FT Warrant entitles the holder to purchase one additional non-flow-through common share in the capital of the Company at an exercise price of $0.40 per common share for a period of two years from the date of issuance (the “FT Expiration Period.” ), provided that after four months from the date of issue, the closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”) is $0.80 or more for a period of 10 consecutive trading days at any time prior to the FT Expiration Time that has Company reserves the right to expedite the FT Expiry Time by notifying the holders of the FT Warrants by press release or such other form of notice permitted by the certificate representing the FT Warrants that the FT Warrants will expire at 4:30 p.m (Vancouver time) expire on a date not less than 15 days from the date of notification.

Gross proceeds of the FT Offering will be used to fund exploration expenditures for the BAM Project and other Canadian exploration expenditures, referred to as “flow-through mining…