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Almaden Closes Oversubscribed $9.4 Million Non-Brokered Private Placement

 

 

 

 

 

Almaden Minerals Ltd. (TSX:AMM) (NYSE American:AAU) is pleased to announce that it has closed its previously announced non-brokered private placement with the issuance of 9,440,000 units at $1.00 per Unit.  Each Unit consisted of one common share of the Company and one-half of one non-transferable Common Share purchase warrant.  Each Warrant allows the holder to purchase one Common Share at a price of $1.35 until June 7, 2022.  The Warrants are subject to an acceleration provision whereby if, commencing October 8, 2018, the daily volume weighted average trading price of the Common Shares on the Toronto Stock Exchange is higher than $2.00 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period, the expiry date of the Warrants may be accelerated by the Company to the 30th trading day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.

 

 

The Offering was made by way of a private placement to qualified investors in Canada, United States of America and certain other jurisdictions where the Offering could lawfully be made.  All securities issued and issuable under the Offering are subject to a four month hold period expiring October 8, 2018 in accordance with applicable securities laws in Canada, and additional restrictions under the laws of the United States and other jurisdictions in which the Offering was made.

 

 

Finders fees consisting of $384,900.00 in cash and finder warrants to purchase 192,450 Common Shares at a price of $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the Offering. The Finder Warrants are subject to the same acceleration provisions as the Warrants.

 

 

Elaine Ellingham, a Director of the Company, acquired 25,000 Units under the Offering. Such participation in the Offering is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units issued to, nor the consideration paid by, Ms. Ellingham exceeds 25% of the Company’s market capitalization.

 

 

Almaden intends to use the net proceeds of the Offering for exploration and development activities relating to the Ixtaca project, and for general corporate purposes.

 

 

About Almaden

 

 

Almaden Minerals Ltd. owns 100% of the Ixtaca project in Puebla State, Mexico, subject to a 2.0% NSR royalty held by Almadex Minerals Limited. Almaden discovered the Ixtaca gold-silver deposit in 2010.

 

Posted June 8, 2018

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