The Prospector News

Forty Pillars Closes $1.5M Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

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

MORE or "UNCATEGORIZED"


TARGA ANNOUNCES CLOSING OF FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) an... READ MORE

May 1, 2024

Sirios Closed a Private Placement of $1,310,755

SIRIOS RESOURCES INC. (TSX-V: SOI) announces that it has closed,... READ MORE

May 1, 2024

Adventus Announces Closing of C$25.6 million Private Placement of Shares to Silvercorp

Adventus Mining Corporation (TSX-V: ADZN) and Silvercorp Metals... READ MORE

May 1, 2024

i-80 Gold Corp. Closes C$115 Million Bought Deal Public Offering

i-80 Gold Corp. (TSX: IAU) (NYSE American: IAUX) is pleased to ... READ MORE

May 1, 2024

Pan American Silver Announces the Sale of La Arena for US$245 Million Cash Upfront and US$50 Million Contingent Payment

retains a 1.5% gold net smelter return royalty for the La Arena I... READ MORE

May 1, 2024

Copyright 2024 The Prospector News