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Margaux Resources Announces Closing of Non-Brokered Private Placement of Flow-Through Units and Units and Changes to Management
Calgary, Alberta--(Newsfile Corp. - December 20, 2019) - Margaux Resources Ltd. (TSXV: MRL) (O...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Margaux Resources Announces Closing of Non-Brokered Private Placement of Flow-Through Units and Units and Changes to ManagementCalgary, Alberta--(Newsfile Corp. - December 20, 2019) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce that further to its press release dated October 7, 2019, and subject to receiving TSX Venture Exchange (\"TSXV\") approval, it has closed its non-brokered private placement (the \"Offering\") by issuing:555,555 units (\"Units\") of the Company at a price of $0.09; and 5,410,000 flow-through units (\"Flow-Through Units\") at a price of $0.10 per Flow-Through Unit.The Flow-Through Units were re-priced from $0.11 to $0.10 per Flow-Through Unit to more accurately reflect the current market price of the Company's common shares.Gross proceeds raised under the Offering are $591,000.Each Unit consists of one common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant (\"Common Warrant\"). Each Flow-Through Unit consists of one Common Share issued on a \"CEE flow-through\" basis pursuant to the Income Tax Act (Canada) and one Flow-Through purchase warrant (\"Flow-Through Warrant\"). Each Common Warrant entitles the holder to acquire one Common Share (each a \"Warrant Share\") at an exercise price of $0.15 per Warrant Share and each Flow-Through Warrant entitles the holder to acquire one Warrant Share at an exercise price of $0.17 per Warrant Share until 4:30 pm (Mountain Standard time) on that date that is 24 months from the closing date of the Offering, (the \"Expiry Time\") subject to accelerated expiry, if the 20-day Volume Weighted Average Price of the Common Shares on the TSXV exceeds $0.25 per Common Share.In connection with the Offering, the Company paid a finders' fee to TD Wealth (the \"Finder\") consisting of a cash payment of $19,800, equal to 6% of the aggregate proceeds raised from the sale of Flow-Through Units to subscribers introduced to the Company by the Finder.The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws. As previously announced, the proceeds of the Offering will be used to pursue the Company's ongoing exploration and drilling programs and for general working capital.Changes to management teamMargaux is pleased to announc...