Business
Ares Strategic Mining Announces the Closing of its $1.8MM Financing
(via TheNewswire) Vancouver, British Columbia - TheNewswire - 19 t...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Ares Strategic Mining Announces the Closing of its $1.8MM Financing(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - 19th February 2020. ARES STRATEGIC MINING INC. (\"Ares Strategic Mining\" or \"ARES\" or the \"Company\") (TSXV:ARS) (FRANKFURT: N8I) announces that it has successfully completed its previously announced public offering (the \"Offering\") of 22,175,987 shares (the \"Shares\") and 11,087,993 warrants (the \"Warrants\") of Ares, at a price of $0.08 per unit. Each Warrant exercisable for a two-year period from the date of closing at an exercise price of $0.15. \n\n\n \nIn addition to Sprott Capital Partners LP, several other brokers participated in the Offering, including, Canaccord Genuity Corp., Mackie Research Capital Corporation, and PI Financial Corp. The Offering was completed as part of a larger offering, with $200,000 being closed on the 3rd January 2020, for a total raise of $1,974,079, with 24,675,987 shares and 12,337,993 warrants being issued. The Company also closed its shares for debt submission on Friday 17th 2020, settling $255,558 of debt for 3,194,474 Units. \n\n\n \nAres intends to use the net proceeds to immediately begin developing its project, with drilling and bench testing being commenced as of Friday 17th 2020. The financing will also be used to buy equipment, such as ore sorters, crushers, and a bagging system, as well as complete adit construction to increase the mining capacity at the Lost Sheep operation. \n\n\n \nThe Units, Common Shares, warrant shares, finders warrants will be subject to applicable resale restrictions, including a four-month hold period from date of closing of the Offering under applicable Canadian securities laws. \n\n \n \nJames Walker, President and CEO of the Company said: \"We have been anticipating and working hard towards this outcome for the last year, and are very pleased to have successfully reached this important milestone. We have an enormous confidence in our project and its ability to provide our company a solid and enduring future, and are excited to begin development immediately to reach this next important milestone. We have established excellent industry partnerships and involved world experts when planning our mine's development, as well as arranging customers for our anticipated product.\"\n\n \n \nDisclosure: Companies typically ...