Business
TriMetals Mining Announces Conversion of Convertible Notes, Closing of First Tranche of Non-Brokered Private Placement for $450,000, and Provides Update on Bolivian Arbitration Progress
Not for distribution to U.S. news wire services or dissemination in the United States. VANCOUVER, British Columbia, Oct. 26, 2018 (GLOBE NEWSWIRE) -- TriMetals
About this update from Gold Springs Resource Corp.
[{"type":"text","content":" Not for distribution to U.S. news wire services or dissemination in the United States. VANCOUVER, British Columbia, Oct. 26, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI) (the “Company” or “TMI”) is pleased to announce the closing on October 25, 2018 of the first tranche of a non-brokered private placement (the “Private Placement”), raising gross proceeds of $450,000 from the sale of 6,428,571 units (the “Units”) priced at $0.07 per Unit. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable by the holder to acquire one additional common share of the Company at a price of $0.11 for a period of 24 months. The net proceeds from the Private Placement will be used for working capital and general corporate purposes. The Company is working with other interested shareholders, and finding a positive reception to potentially expand both the size of the financing and close a second tranche. Eric Edwards, President and CEO of the Company, and Robert van Doorn, Chairman of the Company, both made investments in the Private Placement. Messrs. Edwards and van Doorn, each being a \"related party\" of the Company (as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\")), each subscribed for 500,000 Units. Such subscriptions each constituted a “related party transaction” under MI 61-101. The Company relied upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 available pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the subscriptions from Messrs. Edwards and van Doorn are less than 25% of the Company’s market capitalization. Mr. Edwards commented, “We are pleased with the support that we have received from our existing shareholders and directors as the Company makes progress to sharpen its focus on gold exploration in the Western United States, reduce holding costs, and streamline administration.” The Units offered 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 ...