TriMetals Mining Inc. (TSX:TMI) (TSX:TMI.B) (OTCQX:TMIAF) (OTCQX:TMIBF), is pleased to announce that yesterday, July 11, 2016, it has closed the second and final tranche of its private placement. The Company raised gross proceeds of CDN$4,348,250 in two tranches through the issuance of 17,393,000 units at a price of $0.25 per Unit. Each Unit is comprised of one common share and one half of one common share purchase warrant. Each whole Warrant entitles the holder to purchase an additional common share of the Company at an exercise price of $0.40 per share for a period of 36 months from the closing date of the private placement.
In connection with the private placement a cash commission of CDN$19,800, equivalent to less than 0.5% of the aggregate cash received in the Private Placement, and 79,200 non-transferable compensation-warrants, equivalent to less than 0.5% of the aggregate number of Units issued in the Private Placement, were paid. Each compensation-warrant entitles the holder to purchase, for a period of 18 months, a Unit at a price of CAD$0.30 per Unit.
All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Private Placement remains subject to the final approval of the TSX.
The proceeds from the Private Placement will be used to fund the exploration of the Company’s Gold Springs property in the Nevada/Utah border and for general working capital purposes.
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.
The Company’s approach to business combines the team’s track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.
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