Business
Fredonia Mining Announces Upsize to Previously Announced "Best Efforts" Private Placement Financing
TORONTO, April 07, 2022 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (TSXV: FRED) (the "Company" or "Fredonia"), is pleased to announce that in connection with its
About this update from Fredonia Mining, Inc.
[{"type":"text","content":" TORONTO, April 07, 2022 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (TSXV: FRED) (the \"Company\" or \"Fredonia\"), is pleased to announce that in connection with its previously announced best efforts private placement offering (the \"Offering\") the Company and Paradigm Capital Inc. (the “Agent”) have agreed to increase the size of the Offering. The Company will now issue 19,725,000 units (the \"Units\") at a price of $0.18 per Unit (the “Issue Price”) for total gross proceeds of $3,550,500. Each Unit will comprise one common share (a \"Common Share\") and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for five years from the Closing Date at an exercise price of $0.28 per Common Share. In addition, the Company will grant the Agent an option (the “Agent’s Option”) to sell up to that number of additional Units equal to 15% of the base Offering size, exercisable up to 48 hours prior to the closing of the Offering. The net proceeds from the Offering shall be used to fund ongoing exploration, updating technical studies, and for general corporate purposes. The Offering is expected to close on or about April 27, 2022 (the \"Closing Date\") and will be subject to regulatory approvals and customary closing conditions, including listing of the Common Shares on the TSX Venture Exchange. All securities issued pursuant to the Offering will have a hold period of four months and one day. The securities 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 U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor may there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Certain directors and officers of the Company may participate in the Offering. A material change report with respect to the Offering is expected to be filed less than 21 days before the expected Closing Date, which is reasonable and necessary in the circumstances for the Company to ta...