The Prospector News

Forty Pillars Closes $1.5M Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Forty Pillars Closes $1.5M Private Placement






Forty Pillars Mining Corp. (CSE:PLLR) announces that further to its news release dated October 6, 2021, the Company has closed its $0.10 per unit private placement for gross proceeds of $1,500,000. The Company issued 15,000,000 units, each unit comprised of one common share and one share purchase warrant of the Company. Each warrant will entitle the holder to purchase one additional share at a price of 12 cents for a 36-month period after the closing date. Proceeds raised from the offering will be used to finance the purchase of the Wishbone project and general working capital purposes.


In addition to the usual securities law hold period of four months, all securities issued under the offering, including securities issuable on the exercise thereof, will bear time-based contractual restrictions on transfer and become free trading in four equal amounts at six months, 12 months, 18 months and 24 months accordingly.


Certain directors of the Company participated in the private placement, as well as Origen Resources Inc. a 10-per-cent-plus shareholder of the Company. This makes the private placement a related-party transaction and subject to Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions. Because the Company’s shares trade only on the Canadian Securities Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(1)(b) of MI 61-101 and exempt from the minority shareholder approval requirements under Subsection 5.7(1)(b) of MI 61-101 as the participation amount from each insider will be under the threshold of $2.5-million.


Origen has advised Forty Pillars that it will be filing an early warning report in respect of the acquisition of 10,000,000 common shares and 10,000,000 warrants under the private placement. As a result of the acquisition of these securities under the private placement, Origen owns and controls 12,594,072 common shares and 10,000,000 warrants which represents approximately 43.5% of the 28,985,174 issued and outstanding common shares of Forty Pillars. The shares and warrants were acquired for investment purposes only. The early warning report will be filed under Forty Pillar’s SEDAR profile.


About Forty Pillars


Forty Pillars Mining Corp. is a Vancouver, B.C. based mineral exploration company focused on exploring the Silver Dollar Project located in the Greenwood Mining Division, B.C.


Posted October 29, 2021

Share this news article


Hemlo Explorers Announces Closing of First Tranche of Non-Brokered Private Placement

Hemlo Explorers Inc. (TSX-V: HMLO) is pleased to announce that it... READ MORE

November 26, 2021

Pasinex Announces Third Quarter 2021 Financial Results

Pasinex Resources Limited (CSE: PSE) (FSE: PNX) reports the Compa... READ MORE

November 25, 2021

Contact Gold Closes First Tranche of Private Placement Financing

Contact Gold Corp. (TSX-V: C) (OTCQB: CGOLF) is pleased to announ... READ MORE

November 25, 2021

Benton and Sokoman Announce Gold Discovery at the Grey River Gold Project, Southern Newfoundland

Assays for six of 13 core samples, “super rushed” for... READ MORE

November 25, 2021

Metallica Metals Intersects High Grade Gold Mineralization in First Drill Holes Completed on Starr Gold-Silver Project

Metallica Metals Corp. (CSE:MM) (OTC:MTALF) (FWB:SY7P) is ple... READ MORE

November 25, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News