Margaux Resources Ltd. (TSX-V: MRL) (OTCQB: MARFF) is pleased to announce that it received in excess of the previously announced $850,000 non-brokered private placement (see press release dated September 20, 2018, October 16, 2018 and October 31, 2018), and subject to receiving final regulatory approvals, has increased and closed the second tranche of its non-brokered private placement by issuing:
Gross proceeds raised under the first and second tranche of the Offering are $1.11 million.
Each Unit consists of one Common Share and one Common Share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.15 per Warrant Share until 4:30 pm (Calgary time) on that date that is 24 months from the issuance closing date, subject to accelerated expiry, if the 20-day Volume Weighted Average Price of the Common Shares on the TSX Venture Exchange exceeds $0.20 per share.
The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder Warrants.
As previously announced, the proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs and for general working capital.
About Margaux Resources Ltd.
Margaux Resources Ltd. is a mineral acquisition and exploration Company focused on gold and zinc exploration in the Kootenay Arc, in the southeastern region of British Columbia, and directed by a group of highly successful Canadian business executives.
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