Business
Almaden Minerals Ltd. Announces Closing of $3,380,000 Non-Brokered Private Placement
VANCOUVER, BC--(Marketwired - November 17, 2015) - Almaden Minerals Ltd. ("Almaden" or the "Company") (TSX: AMM)(NYSE MKT: AAU) is pleased to announce that it h
About this update from Almaden Minerals Ltd.
[{"type":"text","content":" VANCOUVER, BC--(Marketwired - November 17, 2015) - Almaden Minerals Ltd. (\"Almaden\" or the \"Company\") (TSX: AMM)(NYSE MKT: AAU) is pleased to announce that it has closed a non-brokered private placement involving the issuance of 4,506,666 units (\"Units\") at $0.75 per Unit. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant (each such whole share purchase warrant, a \"Warrant\"). Each Warrant allows the holder to purchase one common share of the Company at a price of $1.00 per share until November 17, 2017. Fees consisting of $44,000 in cash and warrants to purchase up to 35,200 common shares at a price of $0.77 per common share until November 17, 2017 were paid to finders on a portion of the placement.Duane Poliquin, Chairman of the Board of the Company, acquired 100,000 Units under the private placement. Such participation in the private placement is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units issued to, nor the consideration paid by Mr. Poliquin exceeds 25% of the Company's market capitalization.Almaden intends to use the proceeds of the private placement to fulfil the near-term payments relating to the recently-optioned Rock Creek mill, to continue to advance its Ixtaca deposit towards the completion of advanced engineering studies, and for general working capital.Morgan Poliquin, President of Almaden, states \"In a difficult environment, this financing strikes a balance between limiting dilution and providing the funds to take advantage of opportunities, like the option to purchase the Rock Creek mill. We continue to advance the Ixtaca project towards a production decision and look forward to providing updates to shareholders in the coming months as this work continues.\"About AlmadenAlmaden Minerals Ltd. owns 100% of the Tuligtic project in Puebla State, Mexico. Tuligtic covers the Ixtaca Gold-Silver Deposit, which was discovered by Almaden in 2010. The Ixtaca Deposit currently hosts an N.I. 43-101 compliant Measured and Indicated resource of approximately 93 million tonnes grading 0.55 g/t Au and 32 g/t Ag, for a total of 1...