Marimaca Copper Corp. (TSX: MARI) announced it has completed a non-brokered private placement pursuant to which it has issued 9,377,273 units at a price of $3.30 per Unit for aggregate gross proceeds of $30,945,000. Each Unit is comprised of one common share of the Company and one-half of one Common Share purchase warrant of the Company. Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $4.10 at any time up to and including December 3, 2022. The proceeds of the private placement will be used to advance the Company’s Marimaca Project and for working capital purposes.
In connection with the private placement, the Company will issue to certain eligible persons an aggregate of 181,545 Common Shares, representing 2% of the number Units issued pursuant to the private placement, in consideration for services rendered in connection with introducing the Company to investors who participated in the private placement.
The Company also announced that Greenstone Resources II LP and Greenstone Co-Investment No. 1 (Coro) LP have elected to acquire 4,205,333 Units pursuant to the exercise of pre-emptive rights, resulting in additional gross proceeds to the Company of approximately $13.9 million. The issuance of additional Units to Greenstone is expected to be completed on or about March 11, 2021.
All securities issued pursuant to the private placement, including the Common Shares issued in consideration for services rendered in connection with introducing the Company to investors, will be subject to a four month hold period commencing on the applicable issue date.
This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such Units may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.
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