CHEYENNE, Wyo.,
April 25,
2024 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold,"
the "Company," "we," "our" or "us") (NASDAQ: USAU), is pleased
to announce that it has closed the previously announced purchase
and sale of an aggregate of 1,400,000 shares of our common stock at
$3.50 per share in a registered
direct offering and, in a concurrent private placement transaction,
unregistered warrants to purchase 1,400,000 shares of our common
stock at an exercise price of $4.48
per share (the "Transactions"). The aggregate gross proceeds from
the Transactions totaled approximately $4.9
million and closed on April 24,
2024. After the close of the Transactions, the Company's
common shares outstanding is 10,732,277.
The Company did not retain a placement agent in connection with
the Transactions.
U.S. Gold intends to use the net proceeds from the Transactions
for working capital and other general corporate purposes.
"On behalf of the Company, I would like to personally thank
several of our long-term existing shareholders for leading this
offering. This capital provides us with ample runway to further
develop our CK Gold Project as we ramp up our activities to advance
the project," said Luke Norman, Chairman of U.S. Gold's Board
of Directors. "In the near-term we expect to receive our key
Mine Operating Plan and Closure Plan permit and build upon the
value propositions unique to this project. Additionally, we
continue to hold our promising exploration assets, the Keystone
Project in Nevada and the Challis
Gold Project in Idaho, which we
anticipate advancing in due course."
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S.-focused gold and
copper exploration and development company. U.S. Gold Corp. has a
portfolio of exploration properties. Our CK Gold Project is located
in Southeast Wyoming and has a
Preliminary Feasibility Study technical report, which was completed
by Gustavson Associates, LLC. Our Keystone exploration property is
on the Cortez Trend in Nevada. Our
Challis Gold Project is located in Idaho. For more information about U.S. Gold
Corp., please https://www.usgoldcorp.gold/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated," and "intend," among others. These forward-looking
statements include statements related to our intended use of the
net proceeds from the Transactions; the expected development and
advancement of the CK Gold Project; the expected receipt of the
Mine Operating Plan and Closure Plan permit for the project; and
the expected advancement of the Keystone and Challis Gold Projects.
There are a number of factors that could cause actual events to
differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to, risks
arising from: market and other conditions, the prevailing market
conditions for metal prices and mining industry cost inputs,
environmental and regulatory risks, COVID-19 risks, changes in
interpretations of geological, geostatistical, metallurgical,
mining or processing information, risks faced by junior companies
generally engaged in exploration activities, whether U.S. Gold
Corp. will be able to raise sufficient capital to develop the CK
Gold Project and implement future drilling programs, the success or
failure of future drilling programs, and other factors described in
the Company's most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K filed with
the Securities and Exchange Commission, which can be reviewed at
www.sec.gov. The Company has based these forward-looking statements
on its current expectations and assumptions about future events.
While management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory, and other risks, contingencies,
and uncertainties, most of which are difficult to predict and many
of which are beyond the Company's control. The Company undertakes
no duty to correct or update any information contained herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.