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American Pacific Mining Announces Closing of Private Placement with Strategic Investor, Michael Gentile, CFA, and Provides Update on Warrant Exercises
VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDD) (“APM” or the “Company”) annou
About this update from American Pacific Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDD) (“APM” or the “Company”) announces that, further to its news release of May 25, 2021, it has closed its non-brokered private placement (the “Private Placement”) issuing a total of 8,181,964 units (the “Units”) at CAD$0.125 per Unit for total gross proceeds of $1,022,746 with a strategic investor, Michael Gentile, CFA. Warwick Smith, CEO of the Company, commented: “We are thrilled with the addition of Michael Gentile as a strategic investor as exploration and drilling ramps up at our Madison Project.” Each Unit is comprised of one common share (a “Share”) and one transferable common share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase one additional Share of the Company at a price of $0.16 per Share for a period of two years. All securities issued will be subject to a four month hold period pursuant to securities laws in Canada. The Company intends to use the proceeds from the Private Placement for exploration of the Company’s portfolio of resource properties and for general working capital. No finder’s fees were paid in connection with the Private Placement. Calculated on a partially-diluted basis (i.e., assuming full exercise of all Warrants and no other issuances of Shares by the Company), Mr. Gentile now owns 19.99% of the Company’s issued and outstanding Shares. The Company also announces that, subsequent to the announcement of the Private Placement, it has received aggregate proceeds of $1,474,766 from the exercise of 7,364,692 Warrants. 22,343,735 Warrants remain outstanding with strike prices of $0.20 and $0.25 expiring on November 22, 2021 and December 25, 2021, which could potentially generate an additional $4,714,515.80 in cash proceeds if fully exercised. Following closing of the Private Placement the Company is in a strong financial position with over $3,432,757 in cash. Michael Gentile, CFA From 2003 to 2018 he worked as a professional money manager at Formula Growth Ltd., an independent investment management firm established in Montreal in 1960. While at Formula Growth, Mr. Gentile’s main sector focuses were in mining and natural resources. In 2012, he became the co-manager of the Formula Growth Alpha Fund, a market neutral hedge fun...