Business
Generation Mining Completes C$10,700,250 Private Placement
TORONTO, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) ("Gen Mining" or the "Company") is pleased to announce that it has completed its
About this update from Generation Mining Ltd.
[{"type":"text","content":" TORONTO, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (\"Gen Mining\" or the \"Company\") is pleased to announce that it has completed its previously announced bought deal private placement (the “Bought Deal Offering”) and concurrent non-brokered private placement (the “Non-Brokered Offering”, and together with the Bought Deal Offering, the “Offering”) of an aggregate of 20,577,403 units of the Company (the “Units”) at a price of C$0.52 per Unit (the “Issue Price”), for aggregate total gross proceeds of C$10,700,250. Each Unit consists 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 is 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. Under the Bought Deal Offering, the Company issued an aggregate of 19,231,250 Units (including 3,846,250 Units issued upon the exercise in full by the Underwriters (as defined herein) of the Underwriters’ Option) at the Issue Price for gross proceeds of C$10,000,250. Under the Non-Brokered Offering, the Company issued an aggregate of 1,346,153 Units at the Issue Price for gross proceeds of C$700,000. The Bought Deal Offering was led by 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\"). 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. Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 9,615,386 Units pursuant to the Bought Deal Offering. As a result of the Offering, Mr. Sprott beneficially owns or controls 9,615,386 Common Shares and 4,807,693 Warrants of the Company, representing 7.83% of the issued and outstanding common shares of the Company on a non-diluted basis and 11.30% of the issued and outstanding common shares of the Company on a partially-diluted basis, assuming the exercise of Mr. Sprott’s warr...