Business
Minera Alamos Announces Closing of $4.9 Million Financing and Increase in Institutional Ownership
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - March 4, 2019) - Minera Al...
About this update from Minera Alamos Inc.
[{"type":"text","content":"Minera Alamos Announces Closing of $4.9 Million Financing and Increase in Institutional OwnershipToronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - 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 49,347,500 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 $4,934,750 (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 $276,600 and issued 2,862,000 finder's warrants (the \"Finder's Warrants\"). The Finder's Warrants will each be exercisable for one Share at the Offering Price for a period of two years following the closing of the Offering.All securities issued under the Offering will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these secur...