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Callinex Mines (TSXV:CNX) has announced that the initial tranche of the previously announced non-brokered private placement financing totaling $3.5 million has been completed. As quoted in the press release: The Company will close the remaining $710,675, consisting exclusively of flow through shares, to complete the oversubscribed $4.2 million Financing on Friday May 13, 2016. Under …
Callinex Mines (TSXV:CNX) has announced that the initial tranche of the previously announced non-brokered private placement financing totaling $3.5 million has been completed.
As quoted in the press release:
The Company will close the remaining $710,675, consisting exclusively of flow through shares, to complete the oversubscribed $4.2 million Financing on Friday May 13, 2016.
Under the initial tranche of the Financing, the Company issued a total of 4,631,084 flow through shares (“Share”) at a price of $0.30 per Share and 7,000,000 non-flow through units (“Units”) at a price of $0.30 per Unit. The Company paid finder fees totaling $36,587.50. The proceeds from the Financing will be used to facilitate exploration and for general corporate purposes.
Each non-flow through Unit consists of one (1) non-flow through common share and one-half of one share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to acquire one non-flow through common share at a price of $0.45 for a period of two years from the date of issue. The Company will have the right to accelerate the expiry date of the Warrants if, at any time, the volume weighted average price exceeds $0.60 over any 15 day trading period. In the event of acceleration, the expiry date will be accelerated to a date that is 20 days after the Company issues a news release announcing that it has elected to exercise this acceleration right.