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Azarga Metals Corp. Closes First Tranche of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Azarga Metals Corp.
[{"type":"text","content":"Azarga Metals Corp. Closes First Tranche of Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / September 15, 2022 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSXV:AZR) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the \"Private Placement\") raising gross proceeds of $293,750 through the issuance of 19,583,335 units (each, a \"Unit\").The terms of the Private Placement, including a description of the Units, are contained in the Company's press release announced on August 29, 2022. The Units and any shares issuable on the exercise of the share purchase warrants (\"Warrants\") are subject to a four month and a day hold period. The Private Placement is subject to the approval of the TSX Venture Exchange (the \"TSXV\").Finder's fees of $1,750 were paid and 116,666 Non-Transferable Finder Warrants were issued on closing of the first tranche of the Private Placement.The Company intends to use the proceeds of the Private Placement to fund a field program on the Company's 100% owned high-grade copper-rich VMS Marg project in the Yukon Territory, launch a market liquidity program as well as general and administration expenses.Market-Making Services EngagementThe Company has retained Red Cloud Securities (\"Red Cloud\") to provide market making services to the Company in compliance with the policies and guidelines of the TSXV and other applicable legislation, subject to regulatory approval. Red Cloud is a Toronto-based financial services company that provides assistance to mineral exploration and mining companies in accessing capital markets and enhancing their corporate profile. Red Cloud will trade the common shares of Azarga Metals on the TSXV for the purposes of maintaining a reasonable market and improving the liquidity of Azarga Metals' common shares.Under the agreement, the Company will pay Red Cloud $7,500 per month during the one-year renewable term. The term of engagement is ongoing and may be terminated by either party on 30 days' prior written notice. The Company and Red Cloud have an arm's length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of Azarga Metals. The agreement is principally for the purpose...