The Prospector News

Mega Precious Metals Announces Completion of Best Efforts Flow-Through Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Mega Precious Metals Announces Completion of Best Efforts Flow-Through Private Placement







Mega Precious Metals Inc. (TSX VENTURE:MGP) is pleased to announce that it has completed a previously announced best efforts private placement of 12,295,075 common shares of the Company that are “flow-through shares” within the meaning of the Income Tax Act (Canada) at a price of $0.12 per Flow-Through Share for aggregate gross proceeds of C$1,475,409 through a syndicate of agents led by Paradigm Capital Inc. and including, PowerOne Capital Markets Limited and M Partners Inc.


As consideration for the services of the Agents in connection with the Offering, the Agents received a commission equal to 6% of the aggregate gross proceeds of the Offering and compensation warrants, exercisable at any time for a period of 24 months following the closing of the Offering to purchase common shares for an amount equal to 6% of the total number of Flow-Through Shares issued pursuant to the Offering, at an exercise price equal to the offering price for such Flow-Through Shares.


The Company has also completed the “President’s List” portion of the Offering, representing 329,332 Flow-Through Shares at a price of $0.12 per Flow-Through Share, for aggregate gross proceeds of $39,520, on the same terms as the Offering.


The net proceeds of the Offering will be used to explore and develop the Company’s mineral properties located in the Province of Manitoba.


The Flow-Through Shares and the compensation warrants issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada.


Mega Precious Metals Inc. is a leading Canadian-based exploration company with a high quality pipeline of projects located in the mining friendly jurisdictions of Northwestern Ontario, Manitoba and Nunavut. The Company’s significant portfolio includes the flagship Monument Bay Gold Tungsten Project in NE Manitoba as well as the N. Madsen Gold Project in the prolific gold mining district of Red Lake, Ontario. Mega has established a record of delivering rapid growth through their focused and low cost approach to exploration and resource development.

Posted December 23, 2013

Share this news article


Manitou Gold Intersects 5.0 g/t of Gold over 4.6 m at its Goudreau Project in Northeastern Ontario

Manitou Gold Inc. (TSX-V: MTU) is pleased to announce initial dri... READ MORE

May 25, 2020

Barrick Partnership with Tanzanian Government Delivers First Major Outcomes

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has settled the ma... READ MORE

May 25, 2020

Rokmaster Closes C$4.3 Million First Tranche, Including a Strategic Investment by a Syndicate Led by Palisades Goldcorp Ltd.

Rokmaster Resources Corp. (TSX-V:RKR) is pleased to announce that... READ MORE

May 25, 2020

Sienna Resources Acquires the Kuusamo PGE-Ni-Cu-Co Project in Finland

Sienna Resources Inc. (TSX-V:SIE) (FSE: A1XCQ0) (OTCBB: SNNAF) is... READ MORE

May 25, 2020

American Pacific Mining Announces Closing of Oversubscribed Non-Brokered Private Placement

American Pacific Mining Corp (CSE: USGD) (FWB: 1QC) (OTCPK: USGDD... READ MORE

May 25, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions