Business
EDM Announces Non-Brokered Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - March 1, 2023) - EDM Resources Inc. ( TSXV: EDM ) (" ED...
About this update from Edm Resources Inc
[{"type":"text","content":"EDM Announces Non-Brokered Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - March 1, 2023) - EDM Resources Inc. (TSXV: EDM) (\"EDM\" or the \"Company\") is pleased to announce a non-brokered hard dollar and flow-though private placement for aggregate gross proceeds of up to C$1,650,000 (the \"Offering\").The Company's President and CEO, Mr. Mark Haywood, commented: \"We are very pleased to provide an opportunity for investors to participate in this private placement, which the Company anticipates being the last prior to the commencement of commercial production presently scheduled for January 2024. The majority of the net proceeds of the hard dollar component of this financing is planned to exchange the Company's C$3 million cash environmental bond with a surety environmental bond, which in effect releases the C$3 million to EDM's treasury. The proceeds of the flow-through component of the financing will be used to advance the Company's exploration projects which are near to the Scotia Mine.With only 20 million shares currently issued and outstanding, EDM is a tightly held, publicly traded mining company which in the last 3 years has taken the Scotia Mine from a moth-balled project to a permitted and compliant mine, financed to commercial production by one of the world's largest traders of physical non-ferrous metals, Geneva based IXM S.A.\"The hard dollar component of the Offering is a non-brokered private placement of up to 3,000,000 units (\"HD Units\") of the Company (the \"Hard Dollar Offering\") at a price of C$0.50 per HD Unit, each HD Unit consisting of one common share of the Company (each an \"HD Share\") and one share purchase warrant entitling the holder to purchase one common share of the Company (each an \"HD Warrant Share\") at a price of C$0.75 for each HD Warrant Share, until the date that is 36 months from the closing of the Hard Dollar Offering. The Company will use the net proceeds from the HD Offering to advance geotechnical and environmental bonding work at its wholly-owned Scotia Mine, located 60 km north of Halifax (the \"Scotia Mine\"), to pay deposits for critical long-lead time equipment required to commence mining operations at the Scotia Mine, and for general working capital purposes.The flow-through component of the Offering is a non-brokered private placement of up to 250,000 common shares ...