The Conversation (0)
Minnova Corp., further to its press releases dated Sept. 21, 2016, Oct. 25, 2016, and Nov. 18, 2016, has closed the second and final tranche of its previously announced brokered and non-brokered private placement, raising additional aggregate gross proceeds of $1,136,375. The Brokered Offering and the Non-Brokered Offering are collectively referred to as the “Offering”.
Minnova Corp (TSXV:MCI) announces closing of second and final tranche of previously announced privated placement for gross proceeds of $1,136,375.
Minnova Corp., further to its press releases dated Sept. 21, 2016, Oct. 25, 2016, and Nov. 18, 2016, has closed the second and final tranche of its previously announced brokered and non-brokered private placement, raising additional aggregate gross proceeds of $1,136,375. The Brokered Offering and the Non-Brokered Offering are collectively referred to as the “Offering”.
Pursuant to the Second Tranche of the Brokered Offering co-led by Mackie Research Capital Corporation and Industrial Alliance Securities Inc. (together, the “Agents”), the Company issued 626,500 flow-through units (each, a “Flow-Through Unit”) at a price of $0.85 per Flow-Through Unit for gross proceeds of $532,525, and 774,000 units (each, a “Unit”) at a price of $0.65 per Unit for gross proceeds of $503,100.
Each Flow-Through Unit consists of one common share of the Company (each, a “Common Share”) issued on a flow-through basis and one-half of a Common Share purchase warrant (each, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one Common Share at an exercise price of $0.85 until June 2, 2019. Each Unit consists of one Common Share and one-half of one Warrant.
In consideration for their services in connection with the Brokered Offering, the Agents received a cash commission equal to 6.0% of the gross proceeds of the Second Tranche of the Brokered Offering and were issued 84,030 broker warrants (the “Broker Warrants”). Each Broker Warrant is exercisable for one Unit for at a price of $0.65 per Unit until June 2, 2019.
Pursuant to the Second Tranche of the Non-Brokered Offering, the Company issued 155,000 Units at a price of $0.65 per Unit for gross proceeds of $100,750.
The aggregate gross proceeds raised by the Company pursuant to both tranches of the Offering was $4,471,125.
The net proceeds of the Offering will be used for work programs related to advancement and re-start of mining operations at the Company’s PL Mine including; 10,000 meter drill program for definition drilling, resource expansion and property wide exploration and revised and updated NI 43-101 technical reports, debt reduction as well as for general working capital purposes.
All securities issued pursuant to the Second Tranche will be subject to a statutory hold period expiring on April 3, 2017 in accordance with applicable securities legislation.
Click here to connect with Minnova Corp. (TSXV:MCI) to receive an Investor Presentation.