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MANTARO PRECIOUS METALS CORP. CLOSES PRIVATE PLACEMENT FINANCING
MANTARO PRECIOUS METALS CORP. CLOSES PRIVATE PLACEMENT FINANCING Canada NewsWire ...
About this update from First Andes Silver Ltd
[{"type":"text","content":"\n \n \n \n MANTARO PRECIOUS METALS CORP. CLOSES PRIVATE PLACEMENT FINANCING\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 17, 2023\n \n \n /CNW/ -\n \n MANTARO PRECIOUS METALS CORP.\n \n (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the \"Company\") is pleased to announce it has closed its previously announced non-brokered private placement (the \"Offering\"). Under the Offering, a total of 7,307,400 units (each a \"Unit\") at a price of\n \n $0.05\n \n per Unit for gross proceeds of up to\n \n $365,370\n \n .\n \n \n \n \n \n \n \n \n \n Each Unit consists of one common share of the Company (each a \"Share\") and one common share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder to purchase one additional Share for a period of one year from the date of issuance at an exercise price of\n \n $0.10\n \n per Share. The Company will have the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of the Shares is equal to or greater than\n \n $0.15\n \n for 20 consecutive trading days on the TSX Venture Exchange.\n \n \n The securities issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issue. The Company paid finders a fee in cash of\n \n $3,000\n \n and issued a total of 70,000 share purchase warrants exercisable at\n \n $0.05\n \n per share for a period of two years.\n \n \n Insiders subscribed for a  total of 500,000 Units for gross proceeds of\n \n $25,000\n \n . The issuance of 500,000 Units to insiders is considered a related party transaction subject to Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"MI 61-101\"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation in the Offering by the insiders will not exceed 25% of the fair market value ...