Beauce Gold Fields Inc. announced closing of a non-brokered private placement of 5,000,000 flow-through units at CAD 0.06 per unit for gross proceeds of CAD 300,000 and 3,000,000 units at CAD 0.05 per unit for gross proceeds of CAD 150,000, for an aggregate gross proceeds of CAD 450,000 on June 5, 2023. The transaction included participation from 20 placees, including one insider Patrick Levasseur for 417,000 flow-through units. Each flow-through unit will be comprised of one flow-through common share and of one half common share purchase warrant of the company.

Each full warrant will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of CAD 0.10 for a period of 24 months from the date of closing of the placement and each unit will comprise of one common share and one common share purchase warrant of the company which will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of CAD 0.8 for a period of 36 months from the date of closing of the placement. The transaction is conditional upon the receipt of all necessary regulatory approvals, including the approval of the exchange. The transaction will be offered to accredited investors in accordance with applicable securities laws.

Those warrants related to Flow-Through unit issuance as well as warrants related to common unit issuance will have the same rights and the same hold-period as the placement warrants. Following the completion of the private placement, Mr Levasseur will beneficially own or exercise control or direction over, directly or indirectly, 6,181,622 shares representing 8.28% of the issued and outstanding common shares of the company.