Business
Mink Ventures Closes First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - July 12, 2023) - MINK Ventures Corporation (TSXV: MINK) ("MI...
About this update from Mink Ventures Corp.
[{"type":"text","content":"Mink Ventures Closes First Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - July 12, 2023) - MINK Ventures Corporation (TSXV: MINK) (\"MINK\" or the \"Company\") is pleased to announce that it has closed the first tranche of the non-brokered private placement of up to $1,000,000 announced on June 21, 2023 (the \"Private Placement\"). The first tranche raised gross proceeds of $226,735 from the issuance of 1,131,166 hard dollar units (the \"HD Units\") at a price of $0.15 per HD Unit and the issuance of 317,000 flow-through units (the \"FT Units\") at a price of $0.18 per FT Unit.Each HD Unit consists of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (\"HD Warrant\"). Each HD Warrant entitles the holder thereof to acquire one (1) common share of the Company for a period of thirty-six (36) months from the date of issuance at an exercise price of $0.20 for the first eighteen (18) months and an exercise price of $0.25 for the remaining eighteen (18) months. Each FT Unit consists of one Common Share of the Company (a \"FT Share\") and one Common Share purchase warrant (\"FT Warrant\"). Each FT Warrant entitles the holder thereof to acquire one (1) common share of the Company for a period of thirty-six (36) months from the date of issuance at an exercise price of $0.20 for the first eighteen (18) months and an exercise price of $0.25 for the remaining eighteen (18) months. The Company paid aggregate finder's fees totaling $12,546.45 in cash and 79,205 in finder's warrants (the \"Finder's Warrants\"). Each Finder's Warrant entitles the holder thereof to acquire one (1) common share of the Company for a period of thirty-six (36) months from the date of issuance at an exercise price of $0.20 for the first eighteen (18) months and an exercise price of $0.25 for the remaining eighteen (18) months. All finder's fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies. All securities issued in this closing of the Private Placement are subject to statutory four month plus a day hold periods expiring on November 13, 2023. The Private Placement remains subject to obtaining final approval of the TSX Venture Exchange.The FT Shares were issued as \"flow-through shares\" within the meaning of the Income Tax Act (Canada) (the \"Tax Act\") An amo...