Business
Ares Strategic Mining Inc. Announces Closing of the Lost Sheep Mine Acquisition
(via TheNewswire) Vancouver, British Columbia - TheNewswire - Febru...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Ares Strategic Mining Inc. Announces Closing of the Lost Sheep Mine Acquisition(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - February 20, 2020 - ARES STRATEGIC MINING INC. (\"Ares\" or the \"Company\") (TSXV:ARS) (FRANKFURT:N8I) today announced that, further to its news releases of April 3, 2019, October 11, 2019, January 29, 2020 and February 10, 2020, it completed the acquisition of 100% of the Lost Sheep Fluorspar Mine from American Strategic Minerals Inc. (\"ASM\"), a private British Columbia company. \n\n\n \nThe acquisition was structured as a three-cornered amalgamation (the \"Transaction\") pursuant to a definitive amalgamation agreement dated April 1, 2019, as amended (collectively, the \"Agreement\"). \n\n\n \nPursuant to the terms of the Agreement, Ares issued an aggregate of 14,184,560 units (each, a \"Unit\") to the former shareholders of ASM (the \"ASM Shareholders\"), each Unit consisting of one common share of Ares (each, a \"Ares Share\") and one half of one warrant at an exercise price of $0.16. \n\n\n \nIn connection with the closing of the Transaction, the Company closed a non-brokered private placement (the \"Financing\") raising gross proceeds of $1,774,079, through the issuance of an aggregate of 22,175,987 units at a price of $0.08 per unit, with each unit comprised of one Ares Share and one half of one share purchase warrant of Ares (each, an \"Ares Financing Unit\"), and with each whole warrant entitling the holder to acquire an additional Ares Share at the exercise price of $0.15 for a period of two years from the date of issuance (each, an \"Ares Warrant\"). \n\n\n \nThe Company also settled an aggregate of $255,558 of bona fide debt owed by Ares to certain creditors through the issuance of an aggregate of 3,194,474 Ares Shares to the creditors and 1,394,737 Ares Warrants to certain of the eligible creditors (the \"Debt Settlement\"). \n\n\n \nPrior to the closing of the Transaction there were 16,063,375 Ares Shares issued and outstanding. On the closing of the Transaction, and with 22,175,987 Ares Shares issued in connection with the Financing and 3,194,474 Ares Shares issued in connection Debt Settlement, there were a total of 55,618,396 Ares Shares issued and outstanding on a non-diluted basis with 28.9% held by existing Ares shareholders, 39.9% held by investors in the Finan...