SRG Mining Inc. (TSX-V: SRG) is pleased to announce the closing of the first tranche of a non-brokered private placement. The Company has issued a total of 3,894,000 units of SRG at a price of $0.50 per Unit for gross proceeds of CAD$1,947,000.
Based on current market demand and ongoing discussions with investors, the Company expects to close on a second tranche of the Private Placement, in an amount to be determined, within the next 30 days.
Each Unit is comprised of one common share of the Company and one non‑transferable share purchase warrant. Each whole warrant will entitle the holders to purchase for a period of 36 months from the date of closing, one additional common share of the Company at an exercise price of $1.00 per Warrant Share.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issuable pursuant to the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.
Finders’ fees of 7% in cash and 7% in warrants, or the equivalent combination thereof, will be payable to certain finders. No commissions are payable. Net proceeds from the Private Placement will be used to continue the development of the Lola graphite project and general working capital requirements.
ABOUT SRG MINING
SRG Mining is a Canadian-based mining company focused on developing the Lola graphite deposit located in the Republic of Guinea, West Africa. SRG is committed to operating in a socially, environmentally, and ethically responsible manner.
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We acknowledge the [financial] support of the Government of Canada.