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Margaux Resources Announces Closing of Non-Brokered Private Placement of Flow-Through Units and Units and issuance of Promissory Note
Calgary, Alberta--(Newsfile Corp. - April 15, 2019) - Margaux Resources Ltd. (TSXV: MRL) (OTCQ...
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 issuance of Promissory NoteCalgary, Alberta--(Newsfile Corp. - April 15, 2019) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce the issuances of:2,375,000 units (\"Units\") of the Company at a price of $0.08; and3,000,000 flow-through units (\"Flow-Through Units\") at a price of $0.10 per Flow-Through Unita $210,000 principal sum unsecured promissory note (the \"Note\"), for aggregate gross proceeds of $700,000.Units and Flow-Through UnitsThe previously announced non-brokered private placement (the \"Offering\") is subject to receiving final regulatory approvals.Each Unit consists of one common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant (\"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-half of one Warrant. Each Warrant will entitle the holder to acquire one Common Share (each a \"Warrant Share\") at an exercise price of $0.12 per Warrant Share until 4:30 pm (Mountain Standard time) on that date that is 24 months from the issuance closing date, subject to accelerated expiry, if the 20-day Volume Weighted Average Price of the Common Shares on the TSX Venture Exchange exceeds $0.20 per share. The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws. NoteThe Company issued a $210,000 Note to an arm's length third party. Pursuant to the Note, the Company promises to pay the $210,000 on demand and to pay interest on the principal sum at a rate of six percent (6%) per annum. The aggregate gross proceeds of $700,000 raised pursuant to the Offering and the Note will be used to pursue the Company's ongoing exploration and drilling programs and for general working capital. About Margaux Resources Ltd.Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) is a mineral acquisition and exploration company focused on gold exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.Forward Looking StatementsThis press release may contain forward looking statements including those describing Margaux's future plans and the expe...