MacDonald Mines Closes $1M Private Placement Financing
21 April 2020 - 8:00PM
MacDonald Mines Exploration Ltd. (TSX-V: BMK) (the “Company”)
announces that it has completed a non-brokered private placement
offering of securities (the “Offering”) for total gross proceeds of
$994,781.
The Company issued a total of 7,350,428
flow-through Class A common shares (the “FT Shares”) at a price of
$0.07 per FT Share and 7,388,480 non-flow-through units (the
“Units”) at a price of $0.065 per Unit. Each Unit is comprised of
one Class A common share in the capital of the Company (each, a
“Common Share”) and one half non-flow through Common Share purchase
warrant (each, a “Warrant”), with each such Warrant being
exercisable to acquire one non-flow-through Common Share at a price
of $0.10 per share for a period of 24 months following the closing
date of the Offering.
In connection with the Offering, the Company
paid finders fees of $65,242 and issued 396,216 common shares of
the Company to such finders in connection with FT Shares and/or
Units subscribed for by Purchasers introduced to the Company by
such finders (“the units”).
Proceeds from the Offering will be used to
advance developments at the Company’s SPJ Project and for general
working purposes. The proceeds from the FT Shares will be used for
exploration purposes and such proceeds will be used to incur
“Canadian exploration expenses” (within the meaning of the Income
Tax Act (Canada)).
All securities sold or issued in connection with
the Offering are subject to a hold period of four months and one
day from the date of issuance thereof. The Offering is subject to
the final approval of the TSX Venture Exchange.
About MacDonald Mines Exploration
Ltd.MacDonald Mines Exploration Ltd. is a mineral
exploration company headquartered in Toronto, Ontario focused on
gold exploration in Canada. The Company is focused on developing
its large SPJ Project, 33 kilometres east of Sudbury, Ontario.
The Company's common shares trade on the TSX
Venture Exchange under the symbol “BMK”.
To learn more about MacDonald Mines, please
visit www.macdonaldmines.com
For more information, please contact:
Quentin Yarie, CEO, (416) 364-4986,
qyarie@macdonaldmines.com
Or Mia Boiridy, Investor Relations and Corporate Development,
(416) 364-4986, mboiridy@macdonaldmines.com
Neither 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.
This News Release contains forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “may”, “should”, “expects”,
“plans”, “anticipates”, “believes”, “estimates”, “predicts”,
“potential” or “continue” or the negative of these terms or other
comparable terminology. These statements are only predictions and
involve known and unknown risks, uncertainties and other factors
that may cause our or our industry’s actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements.
Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
other than as required by law.
MacDonald Mines Explorat... (TSXV:BMK)
Historical Stock Chart
From Apr 2024 to May 2024
MacDonald Mines Explorat... (TSXV:BMK)
Historical Stock Chart
From May 2023 to May 2024