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Message: TSXV's MacDonald Mines Closes Oversubscribed Private Placement

 

 
2020-08-05 01:07:52 PM ET (MT Newswires)
   
   

01:07 PM EDT, 08/05/2020 (MT Newswires) -- MacDonald Mines Exploration (BMK.V), a mining and exploration company, Wednesday, announced it closed a private placement offering for gross proceeds of $4.25 million consisting of 9.33 million charity flow-through units at a price of $0.135 and 29.86 million flow-through units at a price of $0.10.

Each unit consists of one common share and one-half of one common share. Each warrant shall be exercisable to acquire one common share at a price of $0.20 per warrant share for 24 months from the closing of the offering.

If the closing price of the common shares is equal to or greater than $0.35 for 10 consecutive trading days, MacDonald will have the right to accelerate the expiry date of the warrants by giving notice and the warrants will expire 30 days after the issuance of the notice.

The gross proceeds from the offerings will be used to incur Canadian exploration expenses that will qualify as flow-through mining expenditures according to the terms of the Income Tax Act, states the company.

The mining firm will also pay cash commissions of $179,850 and issue 1.68 million finder's warrants in accordance with applicable securities laws and exchange policy. The finder's warrants have the same terms as the warrants.

Price: 0.12, Change: 0.00, Percent Change: 0.00

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