Business
District Metals Announces $3 Million Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - November 23, 2021) - District Metals Corp. (TS...
About this update from District Metals Corp.
[{"type":"text","content":"District Metals Announces $3 Million Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - November 23, 2021) - District Metals Corp. (TSXV: DMX) (FSE: DFPP) (\"District\" or the \"Company\") is pleased to announce that it has entered into an agreement with Haywood Securities Inc. as sole lead agent (the \"Agent\"), who has agreed to sell, on a commercially reasonable efforts private placement basis, up to 12,000,000 units (the \"Units\") at a price of $0.25 per Unit (the \"Issue Price\") to raise aggregate gross proceeds of up to $3,000,000 (the \"Offering\").Each Unit will consist of one common share in the capital of the Company (a \"Unit Share\") and one-half of one common share purchase warrant (each whole such purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (a \"Warrant Share\") at $0.35 per Warrant Share for a period of 24 months from the Closing Date (as hereinafter defined).The Company has granted the Agents an option, exercisable in whole or in part by giving notice to the Company at any time up to 48 hours prior to the Closing Date, to sell up to an additional 15% of Units at the Issue Price. The net proceeds from the Offering will be used for exploration at the Company's Tomtebo project in Sweden, and for working capital and general corporate purposes.Closing of the Offering is expected to occur on or about December 14, 2021 (the \"Closing Date\") and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.The securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day following the Closing Date.The securities to be offered pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any applicable U.S. state securities laws, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States,...