Sulliden Mining Capital Inc. (TSX: SMC) is pleased to announce it has closed its non-brokered private placement financing of 22,222,219 units of the Company at a price of $0.135 per Unit for gross proceeds to the Company of $3,000,000. For more information on the Offering, please see the Company’s press release dated October 13, 2021, which is available under the Company’s profile on SEDAR at www.sedar.com.
Pursuant to the Offering, Sulliden issued 22,222,219 units of the Company at a price of $0.135 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.25 for a period of five years following the closing date of the Offering. All securities issued are subject to a statutory hold period of four months and one day, expiring on April 4, 2022. No finder’s fees were paid in connection with the Offering. Completion of the Offering is subject to receipt of final approval of the Toronto Stock Exchange.
At the Annual and Special Meeting of Shareholders of the Company held on November 26, 2021, Sulliden shareholders approved the Offering, being a private placement of the Company’s securities in excess of 25% of its outstanding securities, as further described in the Management Information Circular dated October 28, 2021.
The Company intends to use the net proceeds from the issuance for the advancement of its East Sullivan mining project and for general working capital purposes.
Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.
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We acknowledge the [financial] support of the Government of Canada.