Margaux Closes $1.92-million Second Financing Tranche

Precious Metals
Gold Investing

Margaux Resources (TSXV:MRL; OTCQB:MARFF), further to its press releases dated Feb. 9, 2017, and March 9, 2017, and subject to receiving final regulatory approvals, has closed the second tranche of its non-brokered private placement by issuing:

Margaux Resources (TSXV:MRL; OTCQB:MARFF), further to its press releases dated Feb. 9, 2017, and March 9, 2017, and subject to receiving final regulatory approvals, has closed the second tranche of its non-brokered private placement by issuing:

  • 3,814,998 units of the company at a price of 30 cents per unit for aggregate gross proceeds of $1,144,499;
  • 2,169,558 common shares of the company issued on a Canadian exploration expenditures flow-through basis pursuant to the Income Tax Act (Canada) at a price of 36 cents per flow-through share for aggregate gross proceeds of $781,041.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will expire 24 months from the closing date of the offering and will entitle the holder to acquire one common share of the company at a price of 40 cents per common share. Gross proceeds raised under the second tranche of the offering are $1,925,540.
Gross proceeds raised under the first and second tranche of the non-brokered private placement are $3,834,219.
Proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs at its Jersey-Emerald, Jackpot/Oxide, Sheep Creek, Bayonne and Ore Hill properties in Salmo, BC and for general working capital.
The securities issued pursuant to the Offering are subject to a four-month hold period under applicable securities laws. The Company has agreed to pay a finder’s fee on certain subscriptions under the Offering in the amount of 6% cash on the proceeds received from certain subscribers and 6% finder’s warrants.
Conversion of Promissory Note
Finally, pursuant to a promissory note dated March 30, 2016 granted by the Company to a third party (the “Note”), the Company has elected to issue 400,000 Shares in settlement of $100,000, the aggregate total amount owing under the Note, in accordance with the terms of the Note.
About Margaux Resources Ltd.:
Margaux is a publicly traded polymetallic exploration company focused on the exploration and development of previously producing properties in the Kootenay Arc, located in southeastern British Columbia, including the Jackpot/Oxide, Jersey-Emerald, Sheep Creek and Bayonne properties, on which Margaux has options. The Company is directed by a group of highly successful Canadian business executives with proven track records. Margaux trades on the TSX Venture Exchange under the symbol MRL and on the OTCQB under the symbol MARFF .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: margauxresources.com

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