Minfocus Exploration Announces Private Placement With Flow-Through Shares

Minfocus Exploration (TSXV:MFX) has announced a non-brokered private placement of up to five million units for gross proceeds of up to $250,000, which may be closed in tranches. The private placement will comprise of both flow-through and non-flow through units.
As quoted in the press release:

Each non-flow-through unit (“NFT Unit“) will be offered at a price of $0.05 per NFT Unit, which shall consist of one common share (“Share“) and one non-transferable share purchase warrant (“Warrant“). Each whole Warrant will entitle the holder to purchase one additional Share at a price of $0.10 per Share for a period of 12 months from the closing date.
Each flow-through unit (“FT Unit“) will be offered at a price of $0.05 per FT Unit, which will consist of one Share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one Warrant. Each whole Warrant will entitle the holder to purchase one additional non flow-through Share at $0.10 per Share for a period of 12 months from the closing date. A maximum of 2,000,000 FT Units will be made available for issuance.
The company will write in an accelerated exercise clause for the warrants such that they will need to be force exercised if the share price exceeds $0.15 (300% of unit issuance price) for a period of ten trading days.
The proceeds from the private placement will be used by Minfocus primarily to undertake a drilling program on its Coral zinc project in British Columbia and to pay for other exploration expenses. This private placement is subject to acceptance by the TSX Venture Exchange. Finders’ Fees may be paid in accordance with TSX-V policy.

Click here for the full press release.