Business
Minaurum Announces Closing of C$9.2 Million Bought Deal Public Offering
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2021) - Minaurum Gold Inc. (TSXV: MGG) ...
About this update from Minaurum Silver Inc.
[{"type":"text","content":"Minaurum Announces Closing of C$9.2 Million Bought Deal Public OfferingVancouver, British Columbia--(Newsfile Corp. - July 9, 2021) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (\"Minaurum\" or the \"Company\") is pleased to announce that it has closed its previously announced bought deal public offering for gross proceeds of C$9,200,000, which includes the full exercise of the over-allotment option (the \"Offering\"). Due to significant demand, the Offering was upsized from the original gross proceeds of C$7.0 million. Under the Offering, the Company sold 23,000,000 units of the Company (the \"Units\") at a price of C$0.40 per Unit (the \"Unit Price\"). Red Cloud Securities Inc. (the \"Underwriter\") acted as sole underwriter and bookrunner for the Offering.Each Unit is comprised of one common share of the Company (each, a \"Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable to acquire one Share at a price of C$0.60 at any time on or before July 9, 2023.The Units were offered by way of a short form prospectus filed in the Provinces of British Columbia, Alberta and Ontario. The net proceeds raised from the Offering will be used for the exploration of the Company's mineral projects in Mexico and general working capital purposes, as further disclosed in the Company's short form prospectus.In connection with the Offering, the Company paid the Underwriter a cash commission of C$534,000 and issued to the Underwriter 1,335,000 warrants of the Company (the \"Compensation Warrants\"). Each Compensation Warrant is exercisable to acquire one common share of the Company at a price of C$0.40 at any time on or before July 9, 2023.The Offering included an investment from Crescat Capital. \"Minaurum's value is strongly underpinned by its high-grade Alamos silver project,\" commented Quinton Hennigh, technical advisor to Crescat Capital. \"We see further unlocked value in some of the Company's less advanced exploration projects, in particular Santa Marta, a potentially very large volcanogenic massive sulfide project. The Crescat Capital team sees the footprint of the system at Santa Marta as being comparable to that of the Hod Maden deposit in Turkey. We eagerly await Minaurum's continued exploration success.\"This news release does not constitute an offer to sell ...