Premium Exploration Inc. Announces Closure of Non-Brokered Private Placement With Osisko Mining Corporation for Proceeds of $500,000
Premium Exploration Inc. (TSXV:PEM,OTCQX:PMMEF) closed a non-brokered private placement with Osisko Mining Corporation (TSX:OSK) for 7,142,857 units at a price of $0.07 per share. The non-brokered private placement raised gross proceeds of $500,000.
As quoted in the press release:
Each Unit is comprised of one common share (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional Share of the Company at a price of $0.20 per Share for a period of 3 years from the date of issuance. In connection with the Private Placement, a non-cash commission was paid comprised of broker warrants entitling the holder to acquire 3,000,000 Shares of the Company at a price of $0.15 per Share for a period of two years from the date of issuance.