Business
Almaden Minerals Closes Oversubscribed $9.4 Million Non-Brokered Private Placement
VANCOUVER, British Columbia, June 07, 2018 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”) (TSX:AMM) (NYSE American:AAU) is pleased to an
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 07, 2018 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”) (TSX:AMM) (NYSE American:AAU) is pleased to announce that it has closed its previously announced non-brokered private placement with the issuance of 9,440,000 units (“Units”) at $1.00 per Unit (the “Offering”). Each Unit consisted of one common share of the Company (a “Common Share”) and one-half of one non-transferable Common Share purchase warrant (each such whole Common Share purchase warrant, a “Warrant”). Each Warrant allows the holder to purchase one Common Share at a price of $1.35 until June 7, 2022. The Warrants are subject to an acceleration provision whereby if, commencing October 8, 2018, the daily volume weighted average trading price of the Common Shares on the Toronto Stock Exchange 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. The Offering was made by way of a private placement to qualified investors in Canada, United States of America and certain other jurisdictions where the Offering could lawfully be made. All securities issued and issuable under the Offering are subject to a four month hold period expiring October 8, 2018 in accordance with applicable securities laws in Canada, and additional restrictions under the laws of the United States and other jurisdictions in which the Offering was made. Finders fees consisting of $384,900.00 in cash and finder warrants (“Finder Warrants”) to purchase 192,450 Common Shares at a price of $1.35 until June 7, 2020 were paid to arms-length, licensed securities dealers on a portion of the Offering. The Finder Warrants are subject to the same acceleration provisions as the Warrants. Elaine Ellingham, a Director of the Company, acquired 25,000 Units under the Offering. Such participation in the Offering is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Offering is ...