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Hilo Mining Announces Closing of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2023) - Hilo Mining Ltd. (TSXV: HILO)...
About this update from Grit Metals Corp.
[{"type":"text","content":"Hilo Mining Announces Closing of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 24, 2023) - Hilo Mining Ltd. (TSXV: HILO) (\"Hilo Mining\" or the \"Company\") is pleased to announce it has closed its previously announced non-brokered private placement (the \"Private Placement\") consisting of 12,800,000 units (\"Units\") at a price of $0.09 per Unit for total gross proceeds of $1,152,000.Each Unit consists of one common share and one-half of a common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable for one additional common share at an exercise price of $0.15 for a period of 18 months following closing of the Private Placement. In connection with the Private Placement, the Company paid Leede Jones Gable Inc. (\"Leede\") a cash finder's fee in the amount of $64,316 and has issued Leede 918,799 finder's units (the \"Finder's Units\"). Each Finder's Unit consists of one common share and one whole Warrant (having the same terms as the Warrants issued to subscribers in the Private Placement).All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital. In addition, the Company announces the adoption of its Omnibus Incentive Plan (the \"Plan\"), which was approved by the Company's shareholders its annual general and special meeting held February 1, 2023. Pursuant to the Plan, the Company may issue stock options or restricted share units in an amount not to exceed 10% of its then issued and outstanding common shares and subject to certain restrictions contained in the Plan and Policy 4.4 – Security Based Compensation of the TSX Venture Exchange Corporate Finance Manual.About Hilo Mining Ltd.Hilo Mining Ltd. is a junior mining company currently focussed on the Champ precious metal property near Castlegar, British Columbia. In addition, the Company is currently reviewing additional opportunities to increase shareholder value.FOR FURTHER INFORMATION PLEASE CONTACT: Jeremy Poirier, CEOTelephone: 604-722-9842Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture ...