Business
Miata Metals Announces Closing of Upsized Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Miata Metals Corp. (CSE: MMET) ("Miata" or the "Company") is pleased to announce that it has clo
About this update from Miata Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Miata Metals Corp. (CSE: MMET) (\"Miata\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement, raising gross proceeds of $1,750,000 (the \"Private Placement\"). Under the terms of the Private Placement, Miata issued 5,833,333 units of the Company (each, a \"Unit\") at a price of $0.30 per Unit for gross proceeds of $1,750,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.50 per share until June 25, 2026. The Warrants are subject to an acceleration right held by Miata, such that if the share price closes above $0.50 for a period of 10 consecutive trading days, the Company may, at any time after such an occurrence, give written notice (via news release) to the holders of the Warrants that the Warrants will expire at 5:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the Warrants will have 30 days to exercise their Warrants and any Warrants that remain unexercised will expire. The proceeds from the Private Placement will be used to fund the closing costs of Miata's previously announced proposed acquisition of 79North Inc., the initial exploration program in Suriname, exploration on the Cabin Lake Property, and for general working capital and corporate purposes. For details on the proposed acquisition of 79North Inc., please refer to the Company's June 5, 2024 news release. Upon closing of the Private Placement, the Company has 32,368,609 common shares issued and outstanding. An insider of the Company acquired 66,666 Units in the Private Placement. The insider's participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction is exempt from the formal valuation and minority shareholder approval requirements under section 5.5(a) and section 5.7(1)(a) of MI 61-101 as neither the fair market value of the securities s issued to the related party nor the consideration paid by such person exceeds 25% of the Company'...