R7 Capital Ventures Ltd., an investment company wholly owned by Rayani, acquired a total of two million units pursuant to a private placement dated July 15, 2019. Each unit comprises one common share of Falcon Gold and one share purchase warrant for a two-year period at an exercise price of C$0.05 per share.

Additionally, Rayani acquired an aggregate of 360,000 common shares by way of open market purchases dated October 8, 2019.

Prior to these transactions, Rayani personally and through his company held approximately 4.32 million common shares of Falcon Gold, or about 8.3% of those outstanding. He now has control or direction over 8.9 million shares, representing 14.6% of those outstanding.

Shares of Falcon Gold surged over 14% during Monday’s trading session. The gold miner has a market capitalization of C$2.31 million.