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Montan Mining Closes On $550,000 in Non-Brokered Private Placement, Announces Increase of Total to $750,000
(via Thenewswire.ca) -Montan Mining raises $550,000 through $0.10 u...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Montan Mining Closes On $550,000 in Non-Brokered Private Placement, Announces Increase of Total to $750,000(via Thenewswire.ca)\n \n \n\n\n-Montan Mining raises $550,000 through $0.10 unit placement.\n\n\n\n-Plans to increase total subscriptions to $750,000.\n\n\n\n-Majority of proceeds to advancing ongoing on-site and corporate due diligence for Rey Salomon Mine project. \n\n\n\n\n \n\n\n\n \nVancouver, BC / TheNewswire / August 11th, 2016 - Montan Mining Corp. (TSXv: MNY | FSE: S5GM | SSE: MNYC) (\"Montan\" or the \"Company\") is pleased to announce that the Company has over-subscribed the non-brokered unit financing announced on August 2nd, 2016; the financing has been filled for gross proceeds of $550,000 with units issued at $0.10 per unit. The company plans to increase total subscriptions in the non-brokered unit financing to up to $750,000, and to file documents with the TSX Venture Exchange.\n\n \n \nEach unit comprises of one share and one share purchase warrant. Each warrant will permit the holder to acquire one additional share at a price of $0.15 for a period of 24 months after closing. The financing remains subject to TSX Venture Exchange final approval.\n\n \n \nPalisade Global Investments Limited provided the lead $250,000 order for the financing. \n\n \n \n\"We are thrilled with the enthusiasm we have found among investors for our proposed acquisition of the Rey Salomon gold mine and plant in Caraveli, Peru. Due diligence on Cerro Dorado SAC and its key Rey Salomon holdings has commenced and this financing will allow Montan to immediately accelerate and scale up the process. We appreciate the engagement of all Cerro Dorado personnel in support of our due diligence efforts, and would again like to draw attention to the innovative role Palisade Global has played in enabling our transaction\", stated Ian Graham, CEO. \n\n \n \nApproximately $300,000 of the financing proceeds will be spent on the company's active due diligence at the Rey Salomon mine in Arequipa, Peru; $75,000 on direct property costs and $75,000 on Cerro Dorado S.A.C. (\"CD\") operating expenses throughout the due diligence process (approx. three months). The balance will be dedicated to marketing, mine planning (if warranted by the due diligence) and general working capital. \n\n \n \nFinders' fees on the private placement may be paid in accordance...