Business
ML Gold Updates Terms of Non-Brokered Private Placement of Flow-Through and Non-Flow-Through Units
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - ML Gold Corp. (TSXV: MLG) ("ML Gold" or the "Company") has provided an update to the terms of th
About this update from M3 Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - ML Gold Corp. (TSXV: MLG) (\"ML Gold\" or the \"Company\") has provided an update to the terms of the financing it announced on May 10, 2018. The Company is now using its best efforts to raise an aggregate of up to $1,600,000. The total is an increase of $600,000 from that originally announced. The flow-through offering will now be comprised of up to 5,000,000 flow-through units, at a price of $0.10 per flow-through unit, for gross proceeds of up to $500,000. Each flow-through unit will be comprised of one flow-through common share and one half of one non-transferable non-flow-through common share purchase warrant, each full warrant being exercisable for the purchase of one additional common share, at a price of $0.14 per share, for a period of 24 months. The offering of non-flow-through units will now be comprised of up to 13,750,000 units, at a price of $0.08 per unit, for gross proceeds of up to $1,100,000. Each unit will be comprised of one common share and one non-transferable common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.12 per share, for a period of 24 months. The proceeds from the sale of the flow-through units will be expended on the Company's properties located in British Columbia. The proceeds from the sale of non-flow-through units will be used for working capital purposes and as additional working capital on the Company's properties. Certain directors and officers of the Company may participate in the private placement. Any such participation would be considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such persons will not exceed 25% of the Company's market capitalization. Finders' fees may be payable in connection with the private placement. The Company also reports the granting of 2,500,000 stock options (the \"Options\") to certain consultants of the Company. The Options have a term of 5 years and are exercisable at a price of $0.10 per common share. The Options are subject to the acceptance of the TSX Ventur...