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Almadex Minerals Announces Proposed C$1.35 Million Private Placement
VANCOUVER, British Columbia, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (“Almadex” or the “Company”; TSX-V: DEX) is pleased to announce a proposed
About this update from Almadex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (“Almadex” or the “Company”; TSX-V: DEX) is pleased to announce a proposed non-brokered private placement financing (the \"Offering\") of up to 5,400,000 units (the “Units”) to raise approximately $1,350,000 at a price of $0.25 per Unit. Each Unit will consist of one common share of the Company and one whole non-transferable common share purchase warrant, each whole share purchase warrant (a \"Warrant\") entitling the holder thereof to purchase one common share of the Company at a price of $0.40 per share for a period of two (2) years following the closing of the Offering. Duane Poliquin, Chairman of Almadex, stated “We have $1,000,000 in lead orders from long term shareholders for this Offering, and are pleased to raise additional funding to provide more flexibility as we pursue property research and acquisition in Canada, the U.S., and Mexico.” Almadex intends to use the net proceeds of the Offering 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 Transactions (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 the 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. The Company may pay finders’ fees in connection with the Offering in cash, shares, warrants or combination thereof. The Offering and payment of finders’ fees are subject to regulatory approval. All securities issued pursuant to this Offering will be subject to a four month plus one day hold period in Canada. About Almadex Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex's management team. The Company owns a num...