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District Announces Closing of $2.4 Million Non-Brokered Private Placement, Grant of Stock Options and Change of Corporate Secretary
District Announces Closing of $2.4 Million Non-Brokered Private Placement, Grant of Stock ...
About this update from District Metals Corp.
[{"type":"text","content":"\n\n\n\nDistrict Announces Closing of $2.4 Million Non-Brokered Private Placement, Grant of Stock Options and Change of Corporate Secretary\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 8, 2020\n\n\n\nVANCOUVER, June 8, 2020 /CNW/ - District Metals Corp. (TSX-V: DMX; \"District\" or the \"Company\") is pleased to announce that further to its news release of May 20, 2020 and May 22, 2020, it has closed a non-brokered private placement offering of 20,000,000 common shares of the Company (the \"Shares\") at a price of CDN$0.12 per share for aggregate gross proceeds of CDN$2.4 million (the \"Private Placement\").\nThe Private Placement included an affiliate of the Sprott Group who subscribed for 6.0 million Shares, representing 11.31% of the Company's outstanding common shares after completion of the Private Placement. \nGarrett Ainsworth, President & CEO of District, commented: \"I would like to welcome several new and prominent investors into District Metals Corp. through our recently completed and oversubscribed financing, and also thank existing shareholders for their continued support.  We are now well-positioned to execute on our exploration plans to prove up the prospective Polymetallic Tomtebo Property located in south-central Sweden.\"\nAs previously disclosed, the Company intends to use the net proceeds from the Private Placement to finance its initial exploration program at the Tomtebo property and for general working capital purposes or, in the event the Company does not complete the acquisition of the Tomtebo property, for the identification, assessment and acquisition of other prospective mineral properties, and for general corporate purposes.  \nCertain insiders of the Company subscribed, directly or indirectly for an aggregate of 189,000 Shares pursuant to the Private Placement. Such participation is considered a \"related party transaction\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Trans...