Business
Medaro Mining Announces Closing Private Placement of Flow-Through and Non-Flow-Through Units for Gross Proceeds of $3,996,979
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2022) - Medaro Mining Corp. (CSE: MEDA) (OTC Pink: MEDAF) (FSE: 1ZY) ("Medaro" or the "Company"), a
About this update from Medaro Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 22, 2022) - Medaro Mining Corp. (CSE: MEDA) (OTC Pink: MEDAF) (FSE: 1ZY) (\"Medaro\" or the \"Company\"), a multi-faceted venture aimed at developing innovative spodumene processing technology concurrent with its clean-energy focused exploration on properties located across Canada, is pleased to announce that it has closed its previously announced private placement for aggregate gross proceeds of $3,996,979 through the issuance of: (i) 16,080,078 flow-through units (each, a \"FT Unit\") at a price of $0.18 per FT Unit for gross proceeds of $2,894,414 (the \"FT Offering\"); and (ii) 7,350,433 non-flow-through units (each, a \"NFT Unit\" and, together with the FT Units, the \"Units\") at a price of $0.15 per NFT Unit for gross proceeds of $1,102,565 (the \"NFT Offering\" and, together with the FT Offering, the \"Offering\"). Each FT Unit consists of one (1) common share (a \"FT Share\") in the capital of the Company issued on a \"flow-through\" basis pursuant to the Income Tax Act (Canada) (the \"Tax Act\") and one-half of one (1/2) common share purchase warrant (each whole warrant, a \"Warrant\"), entitling the holder to purchase an additional common share at a price of $0.30 for a period of twenty-four (24) months from the date of issuance. Each NFT Unit consists of one (1) common share (a \"Common Share\") in the capital of the Company and one-half of one (1/2) Warrant. The Company intends to use the gross proceeds from the FT Offering for qualifying exploration at its properties in Ontario, Quebec and Saskatchewan and the net proceeds from the NFT Offering for exploration expenditures on the Company's properties and for general working capital purposes. In conjunction with the financing, an aggregate of $210,806 in finder's fees and 1,194,829 non-transferable finder warrants (each, a \"Finder's Warrant\") were paid to finders. Each Finder's Warrant is exercisable into one (1) Common Share at a price of $0.30 for a period of twenty-four (24) months from the date of issuance. All securities issued under the Offering are subject to a four-month and one-day hold period. Additional details respecting the Offering can be found in the Form 9 filed in accordance with the rules of the Canadian Securities Exchange, a copy of which is available at www.thecse.com under the Company's...