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Margaux Resources Announces Closing of Non-Brokered Private Placement of Units and Appointment of New Director
Calgary, Alberta--(Newsfile Corp. - May 20, 2020) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB:...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Margaux Resources Announces Closing of Non-Brokered Private Placement of Units and Appointment of New DirectorCalgary, Alberta--(Newsfile Corp. - May 20, 2020) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce that further to its press release dated March 5, 2020 and April 28, 2020, and subject to receiving final regulatory approvals, it has closed the second tranche of its non-brokered private placement (the \"Offering\") by issuing 357,000 units (\"Units\") of the Company at a price of $0.07 for aggregate proceeds of $24,990.Gross proceeds raised under the first and second tranche of the Offering are $274,995.Each Unit consists of one common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant (\"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 shareThe securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder Warrants. 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.The Company is also pleased to announce the appointment of Mr. Wenhong Jin to the Company's Board of Directors effective June 1, 2020.Mr. Jin is a Professional Geologist and has 28 years of field exploration, acquisitions and investment experience for precious and non-ferrous metals in Asia, Africa, and in North America. He has served as a Chief Geologist, VP Acquisition and most recently as President and CEO of Huakan International Mining Inc. based in Vancouver since 2010. He led a successful exploration of the J&L Gold polymetallic deposit in BC. He also discovered a medium-sized gold deposit and made significant achievements in the exploration of adjacent claims of the Jinduicheng Molybdenum Porphyry deposit in Shaanxi province, China. Mr. Jin is...