Business
Ares Strategic Mining Announces $800,000 Private Placement Financing
(via TheNewswire) Vancouver, B.C. - TheNewswire - May 27 th , 202...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Ares Strategic Mining Announces $800,000 Private Placement Financing(via TheNewswire)\n \n \nVancouver, B.C. - TheNewswire - May 27th, 2020 -- Ares Strategic Mining Ltd. (TSXV:ARS) (\"Ares\" or the \"Company\") is pleased to announce a non-brokered private placement offering (the \"Offering\") of approximately 10,000,000 units (\"Units\") at a price of $0.08 per Unit for gross proceeds of approximately C$800,000. Each Unit shall consist of one common share in the capital of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will be exercisable by the holder thereof into one common share of the Company at a price of $0.15 for a period of 24 months from the completion of the Offering.\n\n\n \nThe net proceeds from the Offering will be primarily used to fund exploration activities, permitting, engineering and economic studies at the Company's Lost Sheep Fluorspar Mine in Utah, USA, and for general corporate and working capital purposes. \n\n\n \nJames Walker, CEO of Ares said, \"We are very happy to be undertaking this financing to further develop the Lost Sheep Mine and commence production within the coming months. We expect to complete phase 1 delineation drilling next week, and then to move straight to mine planning, operations planning, and adit design. This funding will also be used to advance additional non-dilutive financing initiatives to purchase all of the expertise, equipment, and construction, to significantly increase the mining capacity of the mine and the quality of the product.\" \n\n\n \nThe Units issued in the Offering will be subject to a hold period expiring four months and one day from the closing date of the Offering.\n\n\n \nThe closing of the Offering is expected to occur on or before June 5th, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. In consideration for its services as financial advisor to the Company, the Company has agreed to pay Haywood Securities Inc. a finder's fee equal to 7.0% of the gross proceeds of the Offering and issue finder's warrants equal to 7.0% of the number of Units issued under the Offering. Each finder's warrant will entitle the holder thereof to pu...