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Generation Mining Announces Increase to Previously Announced Private Placement via Non-Brokered Private Placement to Strategic Investor
TORONTO, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) ("Gen Mining" or the "Company") is pleased to announce that, due to investor dem
About this update from Generation Mining Ltd.
[{"type":"text","content":" TORONTO, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (\"Gen Mining\" or the \"Company\") is pleased to announce that, due to investor demand from one of its existing shareholders, the Company intends to complete a concurrent non-brokered private placement of Units (as defined below) on the same terms at its previously announced offering for additional gross proceeds of C$700,000 (the “Non-Brokered Offering”). As previously announced, Gen Mining has entered into an agreement with Haywood Securities Inc. and Mackie Research Capital Corporation as co-lead underwriters and joint-bookrunners on behalf of a syndicate of underwriters including PowerOne Capital Markets Limited and Raymond James Ltd. (collectively, the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase, on a \"bought deal\" private placement basis, 15,385,000 units of the Company (the \"Units\") at a price of C$0.52 per Unit (the “Issue Price”), for total gross proceeds of C$8,000,200. Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$0.75 for a period of 24 months from the closing date of the Offering. The Company has granted the Underwriters an option to purchase up to an additional 25% of the Offering in Units (the \"Underwriters’ Option\"), exercisable in whole or in part at any time up to 48 hours prior to the closing date. The aggregate gross proceeds to the Company from the Offering and the Non-Brokered Offering will be $8,700,200, or $10,700,250 if the Underwriters’ Option is exercised in full. The net proceeds from the sale of the Units will be used for exploration and development of the Company’s Marathon Palladium Project, as well as working capital and general corporate purposes. The Offering and Non-Brokered Offering are expected to close on or about February 13, 2020 and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities. The Units to be issued unde...