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CORRECTION FROM SOURCE: Minera Alamos Announces Closing of $4.9 Million Financing and Increase in Institutional Ownership
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - March 5, 2019) - Minera Al...
About this update from Minera Alamos Inc.
[{"type":"text","content":"CORRECTION FROM SOURCE: Minera Alamos Announces Closing of $4.9 Million Financing and Increase in Institutional OwnershipToronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - March 5, 2019) - Minera Alamos Inc. (TSXV: MAI) (OTC Pink: MAIFF) (the \"Company\") is issuing a correction to its previously disseminated press release dated March 4, 2019 (the \"Initial Press Release\"). The Initial Press Release announced the closing of the previously announced non-brokered private placement for aggregate proceeds of $4,934,750 through the issuance of 49,347,500 common shares of the Company (\"Common Shares\"), as well as payment of cash commissions totaling $276,600 and the issuance of 2,862,000 6finder's warrants exercisable for Common Shares (the \"Finder's Warrants\"). In fact, the Company raised aggregate proceeds of $4,994,750 through the issuance of 49,947,500 Common Shares, paid cash commissions of $280,200 and issued 2,898,000 Finder's Warrants.The corrected press release follows in full below:*****Toronto, Ontario and Vancouver, British Columbia--(March 4, 2019)-- Minera Alamos Inc. (TSXV: MAI) (OTC Pink: MAIFF) (the \"Company\" or \"Minera Alamos\") is pleased to announce, further to its press release dated February 26, 2019, that it has closed the non-brokered private placement offering of 49,947,500 common shares of the Company (the \"Common Shares\") at a price of $0.10 per Common Share (the \"Offering Price\") for aggregate gross proceeds of $4,994,750 (the \"Offering\").The Offering included participation of existing institutional investors. As a result, the Donald Smith Value Fund increased its ownership in the Company to ~9.8% and the Aegis Value Fund increased its ownership to ~4.9%. \"Minera appreciates the ongoing support of both Donald Smith and Aegis as well as the other participants in the Offering as we begin a transformational year leading toward construction decisions at our Santana and Fortuna gold projects\" stated Doug Ramshaw, President of Minera Alamos.Minera Alamos intends to use the net proceeds of the Offering for exploration and development of the Company's Santana Project in Sonora, Mexico, and for working capital and general corporate purposes.In connection with the Offering, the Company paid cash finder's fees of $280,200 and issued 2,898,000 finder's warrants (the \"Finder's Warrants\...