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District Metals Announces Closing of $3 Million Brokered Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - District Metals Corp. (TSXV: DMX...
About this update from District Metals Corp.
[{"type":"text","content":"District Metals Announces Closing of $3 Million Brokered Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - District Metals Corp. (TSXV: DMX) (FSE: DFPP) (\"District\" or the \"Company\") has closed its previously announced brokered private placement financing pursuant to an agency agreement with PI Financial Corp. and Haywood Securities Inc. (together, the \"Agents\"), raising aggregate gross proceeds of $3,000,000 (the \"Offering\"). Under the terms of the Offering, the Company issued a total of 20,000,000 units (the \"Units\") at a price of $0.15 per Unit.Garrett Ainsworth, President & CEO of District, commented: \"I would like to thank existing and new shareholders of District for their strong support on this financing where demand far exceeded the total amount raised. Over 90% of this financing was allocated to five institutional investors, three of which are new to our share registry. We are now sufficiently capitalized to advance our polymetallic properties and to take advantage of additional opportunities in Sweden.\" Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole such purchase warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one common share in the capital of the Company (a \"Warrant Share\") at an exercise price of $0.20 per Warrant Share for a period of 36 months from the closing date.The net proceeds from the Offering will be used for exploration activities at the Company's polymetallic properties in Sweden, and for working capital and general corporate purposes.In connection with the Offering, the Company paid cash commissions of $192,620 to PI Financial Corp. and $48,155 to Haywood Securities Inc. and issued: 950,400 compensation options to PI Financial Corp., 237,600 compensation options to Haywood Securities Inc. and 12,000 compensation options to Leede Jones Gable Inc. Each such compensation option entitles the holder to purchase one common share of the Company at a price of $0.15 per share for a period of 36 months from the date of issuance.The offering remains subject to the final approval of the TSX Venture Exchange (the \"TSXV\").The Units were offered pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Pro...