Gatling Exploration Announces $ 2.5 Million Funding

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VANCOUVER, BC / ACCESSWIRE / October 18, 2021 / Gatling Exploration Inc. (TSXV: GTR) (OTCQB: GATGF) (the “Society” Where “Gatling“) is pleased to announce that it has organized a private placement to raise gross proceeds of up to $ 2,500,000 (the”Offer“).

The Offering will consist of a combination of (a) 5,882,352 common shares of the Company issued on a flow-through basis (the “”FT actions“) at a price of $ 0.34 per share of FT; and (b) 1,562,500 units of the Company (the”Units“) at a price of $ 0.32 per unit. Each unit will consist of one common share and one transferable half warrant, each whole warrant (a”To guarantee“) exercisable in one additional common share at a price of $ 0.50 per share for a period of two years from the date of issue. Collectively, the FT shares and units will be referred to as”Titles offered“.

Finder’s fees may be payable in whole or in part of the offering in accordance with the policies of the TSX Venture Exchange.

The gross proceeds from the issuance of FT shares will be used for exploration expenses in Canada and will qualify as “flow-through mining expenses” (the “Eligible expenses“), within the meaning of subsection 127 (9) of the Income Tax Act (Canada), which will be waived to subscribers with an effective date no later than December 31, 2021, for a total amount not less than the gross proceeds from the issuance of FT shares, and, if the expenses Eligible Expenses are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Shares from any additional taxes payable by such subscriber as a result of the Company’s failure to waive the Eligible Expenses as agreed.

All securities offered will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The offering is subject to acceptance by the TSX Venture Exchange.

Jason Billan, President and CEO

Gatling Exploration Inc.

For more information on Gatling, contact Investor Relations
Phone: 1-888-316-1050
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: Statements contained in this press release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results differ materially from those anticipated in our forward-looking statements. Although we believe that the expectations of our forward-looking statements are reasonable, actual results may vary and we cannot guarantee future results, levels of activity, performance or achievements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal, including the securities in United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Law of 1933“) or any state securities law and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, US Persons (as defined in Regulation S under 1933 Act) unless they are registered under the 1933 Act and applicable state securities laws, or an exemption from these registration requirements is available.

THE SOURCE: Gatling Exploration Inc.

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Michael J. Birnbaum

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