Business
Denarius Metals Announces Updated Terms for Its Non-Brokered Private Placement of up to CA$8.25 Million of Common Shares
Toronto, Ontario--(Newsfile Corp. - October 21, 2024) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced toda
About this update from Denarius Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - October 21, 2024) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) (\"Denarius Metals\" or the \"Company\") announced today that, in response to investor feedback, it has updated the terms for its previously announced non-brokered private placement (the \"Offering\"). The Offering will now comprise a total of up to 15,000,000 units of the Company (\"Units\") at a price of CA$0.55 per Unit for gross proceeds of up to CA$8,250,000. Each Unit will consist of one common share plus one-half common share purchase warrant. Each full warrant will entitle the holder to purchase one common share of the Company at a price of CA$0.85 per common share at any time on or before that date which is 24 months after the closing date. It is anticipated that the closing of the Offering will occur on or prior to October 31, 2024. Completion of the Offering is subject to shareholder and regulatory approvals, including Cboe Canada. The common shares issuable in connection with this Offering will be subject to a hold period expiring four months and one day after the date of issuance. The Company intends to use the net proceeds of the Offering to fund its Zancudo Project in Colombia, its Aguablanca Project in Spain and for general corporate purposes. Certain insiders of the Company have indicated their interest to participate in the Offering for an amount up to CA$1,500,000 of Units. As the number of securities issuable to Related Persons (as defined under Cboe Canada's policies) of the Company in the Offering, when added to the number of securities issued to Related Persons of the Company in the private placement of convertible debentures completed in October 2023, is more than 10% of the current total number of issued and outstanding common shares (the \"Outstanding Shares\"), calculated on a non-diluted basis, and the number of securities issuable in the Offering (calculated on a fully diluted basis) is more than 25% of the total number of securities outstanding and the Unit price is less than the closing price of the common shares on the day preceding the Company's price reservation, to proceed with the Offering the Company requires approval from shareholders representing a majority of the Outstanding Shares held by disinterested shareholders. The Company intends to satisfy Cboe Canada's shareholder approval...