Not for Distribution in the
United States or dissemination through a U.S. newswire
service
VANCOUVER, BC, Aug. 18,
2021 /CNW/ - Essex Minerals Inc. (the
"Company") (TSXV: ESX) (OTCQB: ESXFM) (FRA: EWX1) is
pleased to announce that it has closed a non-brokered private
placement (the "Financing"), raising $1,330,027.66 in gross proceeds through the
issuance of 10,230,982 Units at a price of $0.13 per Unit, each Unit is comprised of one
Common Share and one-half Warrant. One full Warrant is exercisable
to purchase one additional Common Share at the price of
$0.18 for 24 months after closing
(the "Units").
Directors and Officers of the Company subscribed for 1,060,000
Units.
The Company paid a finders' fee in connection with the financing
consisting of 6% cash and 6% finders' share purchase warrants
entitling the holders to purchase one share at a price of
$0.18 for two years. The
Company paid $54,600 and 419,999
finders' warrants to Echelon Wealth Partners Inc., $7,800 and 60,000 finders' warrants to Primary
Capital Inc. and $7,098 and 54,600
finders' warrants to PI Financial Corp.
All of the securities are subject to a hold period, which will
expire December 17, 2021.
The net proceeds from the Financing will be used by Essex for exploration expenditures on its
existing mineral projects and general working capital purposes.
Paul Loudon
President & CEO
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.
The securities offered have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any U.S. state securities laws, and may
not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons
(as defined under the U.S. Securities Act) absent registration or
any applicable exemption from the registration requirements of the
U.S. Securities Act and applicable U.S. state securities laws. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale
of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
SOURCE Essex Minerals Inc
