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Margaux Resources Announces Financing Increase and Closing of $3.25 Million Non-Brokered Private Placement of Flow-Through Shares and Units
Calgary, Alberta--(Newsfile Corp. - December 22, 2017) - Margaux Resources Ltd. (TSXV: MRL) (O...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Margaux Resources Announces Financing Increase and Closing of $3.25 Million Non-Brokered Private Placement of Flow-Through Shares and UnitsCalgary, Alberta--(Newsfile Corp. - December 22, 2017) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce that the Company received in excess of the previously announced $3 million non-brokered private placement (please see press releases dated November 2, December 7 and December 14, 2017), and subject to receiving final regulatory approvals, has increased and closed the second tranche of the non-brokered private placement (the \"Offering\") by issuing:1,377,600 units (\"Units\") of the Company at a price of $0.30 per Unit; and3,076,521 common shares (\"Common Shares\") of the Company issued on a \"CEE flow-through\" basis pursuant to the Income Tax Act (Canada) (\"Flow-Through Shares\") at a price of $0.36 per Flow-Through Share, for aggregate gross proceeds raised under the second tranche of $1,520,828 (the \"Offering\").Gross proceeds raised under the first and second tranche of the Offering are $3.25 million. Each Unit consists of one Common Share and one-half of one Common Share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant will entitle the holder to acquire one Common Share (each a \"Warrant Share\") at an exercise price of $0.40 per Warrant Share until 4:30 pm (Calgary time) on that date that is 24 months from the issuance closing date, (the \"Expiry Time\") subject to accelerated expiry, if the 20-day volume weighted average price of the Common Shares on the TSX Venture Exchange exceeds $0.50 per share. Proceeds of the Offering will be used to:Continue the Company's ongoing exploration and drill programs at its Kootenay Arc project in Salmo, BC;Progress the Company's tungsten tailings recycling project towards a pilot phase; andFor general working capital.\"Our 2017 surface and drill program provided us with a wealth of new data on our properties. The funds from this raise will enable a full review of the data, high-grading the targets these programs identified ahead of a large 2018 spring drill program, as well as continue the evaluation of the tailings recycling with CRONIMET\" commented Margaux's President and CEO, Tyler Rice.The securities issued pursuant to the Offering are subject to a four month hold p...