Business
Margaux Resources Ltd. Announces Drilling Update; Non-Brokered Private Placement of Flow-Through Shares and Units; Change to Board of Directors; and Granting of Stock Options
Calgary, Alberta--(Newsfile Corp. - July 23, 2018) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Margaux Resources Ltd. Announces Drilling Update; Non-Brokered Private Placement of Flow-Through Shares and Units; Change to Board of Directors; and Granting of Stock OptionsCalgary, Alberta--(Newsfile Corp. - July 23, 2018) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce that it has commenced drilling on the Company's Sheep Creek Gold District and, subject to TSX Venture Exchange approval, it intends to issue, pursuant to a non-brokered private placement, up to:833,333 units (\"Units\") of the Company at a price of $0.18 per Unit; and 3,260,869 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 $0.23 per Flow-Through Share, for aggregate gross proceeds of up to $900,000 (the \"Offering\").Drilling UpdateMargaux has commenced a minimum 2,000 m drill program to test gold targets on the Bayonne property, part of the Company's Sheep Creek Gold District. Additional drilling is planned later in the summer on other targets within the Sheep Creek Gold District.Private Placement Each Unit will consist of one 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 $0.30 per Warrant Share until 4:30 p.m. (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 $0.40 per share.Pursuant to the Offering, Margaux will also issue Flow-Through Shares for gross proceeds of up to $750,000. Closing of the Offering is expected to occur on or before September 6, 2018. \"Margaux plans to use the funds raised to further our exploration drilling, enabling us to continue testing gold targets on the Sheep Creek Gold District, as well as to complete geological mapping and other preparatory studies in advance of an anticipated Fall drill program on the Kootenay Arc Zinc District,\" commented Company President and CEO, Tyler Rice. Proceeds of the Offering will be used to pursue the Company's ongoing exploration and drilling programs and for general working capital. The securities issued p...