Business
Almaden Minerals Announces $7 Million Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, B.C., May 11, 2018 (GLOBE NEWSWIRE) -- Almaden Minerals
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, B.C., May 11, 2018 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”) (TSX:AMM) (NYSE American:AAU) is pleased to announce a proposed non-brokered private placement financing (the \"Offering\") of up to 7,000,000 units (the “Units”) to raise up to $7,000,000 at a price of $1.00 per Unit. Each Unit will consist of one common share of the Company and one-half of one non-transferable common share purchase warrant, each whole share purchase warrant (a \"Warrant\") entitling the holder to purchase one common share of the Company at a price of $1.35 per share for four (4) years following the closing of the Offering. The Warrants will be subject to an acceleration provision whereby if, commencing four months and one day after the Closing Date, the daily volume weighted average trading price of the common shares on the TSX is higher than $2.00 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period (the “Acceleration Trigger Date”), the expiry date of the Warrants may be accelerated by the Company to the 30th trading day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date. Almaden intends to use the net proceeds of the Offering for exploration and development activities relating to the Ixtaca project, and for general corporate purposes. Certain insiders of the Company may participate in the Offering. The issuance of Units to insiders of the Company pursuant to the Offering will be considered related party transactions within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (MI 61-101). The Company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the Offering by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. Sprott Capital Partners, a division of Sprott Private Wealth LP, and affiliates will act as finders in connection with the Offering. T...