Oban Mining Corporation (TSX:OBM) is pleased to announce that the Company has completed a previously announced non-brokered private placement of 5,000,000 common shares of the Company at a price of $0.10 per Common Share and an additional 10,000,000 Common Shares to be issued as “flow-through shares” within the meaning of the Income Tax Act (Canada) at a price of $0.10 per Flow-Through Share for aggregate gross proceeds of $1,500,000.
The Company intends to use the proceeds from the Offering to fund the continued exploration of the Company’s Canadian mineral exploration projects.
All securities issued to purchasers under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation.
About Oban Mining Corporation
The Company is a mineral exploration company focused on the acquisition, exploration, and development of base and precious metal resource properties in Canada and Peru. The Company is actively engaged in the identification, acquisition, evaluation and exploration of mineral properties, and holds options to acquire a 100% interest in four mining concessions covering a total surface area of 1,200 hectares in the Marcahui project, and options to acquire an interest in the Arcopunco project. Oban also has mineral title for the Magdalena property (optioned to Peru Minerals), the Ninfa project, and other grass root projects (approx. 30,000 ha), all of which are in Peru. In February 2015, the Company also entered into agreements with third parties under which it was granted options to acquire up to a 70% interest in the Miller Property, and an undivided 100% interest in the Cote Property and other properties in the vicinity, all of which are located in northern Ontario.
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