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Mexican Gold Mining Announces Consolidation and Post-Consolidation Non-Brokered Private Placement
VANCOUVER, British Columbia, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX, OTCQB: MEXGF) announces i
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Mexican Gold Mining Corp. (the “Company” or “Mexican Gold\") (TSXV: MEX, OTCQB: MEXGF) announces its intention to consolidate its issued and outstanding common shares (\"Common Shares\") on the basis of one (1) post-consolidation Common Share for every 10 pre-consolidation Common Shares (the \"Consolidation\"). The Consolidation is expected to result in the number of issued and outstanding Common Shares being reduced from 135,035,840 pre-Consolidation Common Shares to approximately 13,503,584 post-Consolidation Common Shares. The exercise or conversion price of the Company’s convertible securities and the number of Common Shares issuable thereunder will also be proportionately adjusted upon completion of the Consolidation. No fractional Common Shares will be issued as a result of the Consolidation. Any resulting fractional Common Share entitlement resulting from the Consolidation that is less than one-half (1/2) of one (1) Common Share will be cancelled and each fractional Common Share that is at least one-half (1/2) of one (1) Common Share will be rounded up to one whole Common Share. The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The Company will be obtaining a new CUSIP and ISIN in connection with the Consolidation. The effective date for the Consolidation and the new CUSIP and ISIN will be announced at a later date. The Company anticipates that its current trading symbol will remain unchanged. The Company also announces a post-Consolidation non-brokered private placement offering of up to 7,500,000 units (the “Units”) of the Company at a post-Consolidation price of $0.12 per Unit to raise gross proceeds of up to $900,000 (the “Offering”). Each Unit shall consist of one (1) post-Consolidation common share (“Share”) in the capital of the Company and one (1) post-Consolidation Share purchase warrant (“Warrant”), whereby each Warrant shall be convertible into an additional Share at an exercise price of $0.15 for a period of 36 months from the date of issuance. The net proceeds raised from the Offering will be used to fund continuing operations of the Company and for general working capital. The Company may pay finder's fees to arm's-length parties that have introduced the Company ...