Business
Telson Updates Reactivation Activities at Campo Morado & Announces Financing and Director Resignation
(via TheNewswire) Vancouver, British Columbia - TheNewswire - Dec 27, 2019 Te...
About this update from Luca Mining Corp
[{"type":"text","content":"Telson Updates Reactivation Activities at Campo Morado & Announces Financing and Director Resignation(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - Dec 27, 2019 Telson Mining Corporation (\"Telson\" or the \"Company\") (TSXV:TSN) (OTC:SOHFF) (Frankfurt-TSGN formerly SQ82) advises that reactivation activities to bring its Campo Morado mine out of care and maintenance back into production are progressing and anticipates to resume mining and processing activities mid January 2020.\n\n \n \nAfter having electrical power restored to the mine site three weeks later than anticipated due to scheduling delays with the electrical power authority CFE, personnel commenced dewatering the mine and at this point in time access has been restored to the El Largo zone where there is approximately 50,000 tons of broken mineralized material available for transport to the mill site and at the mill site, approximately another 20,000 tons of previously mined transported mineralized material is available to begin processing upon start-up. \n\n \n \nPersonnel are advancing on the process of checking, servicing, and repairing as necessary, all mill processing equipment, mobile mining equipment, underground mining equipment, ventilation systems and safety equipment etc. Mining operations will resume as soon as possible.\n\n \n \nPrivate Placement Financing\n\n \n \nTelson intends to conduct a non-brokered private placement (the \"Private Placement\") of up to 30,000,000 units (the \"Units\") at a price of CAD$0.10 per Unit for total proceeds of up to CAD$3.000,000. Each Unit shall consist of one common share in the capital of the Company (a \"Share\") and one half of a transferable share purchase warrant (a \"Warrant\"), each full Warrant entitling the holder thereof to acquire an additional Share for a period of two years from the date of issuance at a price of CAD$0.25 per Share. In the event that at any time after 4 months from the date of issuance the volume weighted average closing price per Share is more than CAD$0.50 for more than 15 consecutive trading days, the Company will be able to accelerate the Expiry Date of the Warrants to the date that is 30 days following the date on which the Company announces the accelerated Expiry Date of the Warrants by news release. The offering is being made available under existing securities...