Minaurum Gold Inc. (TSX-V: MGG) is pleased to announce that its previously announced private placement (see News Release dated May 8, 2018) is oversubscribed and it is increasing the private placement to $7,000,000, subject to TSX Venture Exchange approval. In addition, Minaurum has now closed the second tranche of the private placement raising $909,999.45. Total gross proceeds raised in the first two tranches are $5,702,499.45.
The proceeds of the private placement will be used by Minaurum for its ongoing exploration program at the Alamos Silver project in Sonora State, Mexico, as well as for working capital purposes.
A total of 2,022,221 units were issued in the second tranche at a price of $0.45 per unit for gross proceeds of $909,999.45. Each unit consists of one common share and one half common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share of Minaurum for a period of 18 months at an exercise price of $0.65.
Finder’s fees were paid in connection with this tranche totaling $13,500 in cash and 30,000 broker warrants exercisable for a period of 18 months at an exercise price of $0.65.
The securities issued under the offering will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws that will expire on September 25, 2018.
Minaurum Gold Inc. is a Mexico-focused explorer concentrating on the high-grade Alamos Silver project in southern Sonora State. With a property portfolio encompassing multiple additional district-scale projects, Minaurum is managed by one of the strongest technical and finance teams in Mexico. Minaurum’s goal is to continue its founders’ legacy of creating shareholder value by making district-scale mineral discoveries and executing accretive mining transactions.
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We acknowledge the [financial] support of the Government of Canada.