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Eskay Mining Announces Non-Brokered Flow-Through Private Placement of up to $7 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Eskay Mining Corp
[{"type":"text","content":"Eskay Mining Announces Non-Brokered Flow-Through Private Placement of up to $7 MillionNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / March 24, 2022 / Eskay Mining Corp. (\"Eskay\" or the \"Company\") (TSX-V:ESK)(OTCQX:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce the offering of a non-brokered private placement of up to $7 million of flow-through units (the \"Offering\") to be sold to charitable purchasers (the \"Charity FT Units\") at a price of C$3.15 per Charity FT Unit.Mac Balkam CEO stated \" this financing along with more than $12,000,000 in warrants we anticipate to be exercised will complete our needs to undertake Eskay's expansive exploration plan in 2022\" (see the Press Release dated March 21, 2022).Each Charity FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" (each, a \"FT Share\") within the meaning of the Income Tax Act (Canada) (the \"Tax Act\") and one common share purchase warrant (a \"Warrant\"). Each Warrant shall entitle the holder to purchase one common share (a \"Warrant Share\") at a price of C$3.40 at any time on or before that date which is 24 months after the Closing Date (as herein defined).Proceeds from the sale of Charity FT Units will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Tax Act and \"flow through mining expenditures\" as defined in subsection 127(9) of the Tax Act (\"Qualifying Expenditures\"), and qualifies as a \"BC flow-through mining expenditure\" as defined in section 4.721(1) of the Income Tax Act (British Columbia) (the \"BC Tax Act\") with respect to subscribers who are qualifying individuals under the BC Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the Charity FT Units.Proceeds from the Offering will be expended on the Company's 100% controlled Consolidated Eskay precious metal rich volcanogenic massive sulfide (VMS) project in the Golden Triangle area of British Columbia.The Offering is scheduled to close on or around April 20, 2022 (the \"Closing Date\" or \"Closing\") and is subject to certain conditions including, but not limited...