Business
Minnova Corp. Announces Closing of Brokered LIFE Offering for Gross Proceeds of C$4.82 Million
Toronto, Ontario--(Newsfile Corp. - December 3, 2025) - Minnova Corp. (TSXV: MCI) (" Minnova " or...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Closing of Brokered LIFE Offering for Gross Proceeds of C$4.82 MillionToronto, Ontario--(Newsfile Corp. - December 3, 2025) - Minnova Corp. (TSXV: MCI) (\"Minnova\" or the \"Company\"), is pleased to announce the closing of its previously announced \"best efforts\" private placement (the \"Offering\") for aggregate gross proceeds of C$4,820,154 from the sale of (i) 12,900,000 units of the Company (each, a \"Unit\") at a price of C$0.20 per Unit (the \"Unit Price\"), and (ii) 9,739,800 flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.23 per FT Unit. Red Cloud Securities Inc. (\"Red Cloud\") acted as sole agent and bookrunner under the Offering. Each Unit consists of one common share of the Company (a \"Unit Share\") and one common share purchase warrant (each, a \"Warrant\"). Each FT Unit consists of one common share of the Company (each, a \"FT Share\") and one Warrant each issued as a \"flow-through share\" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company at a price of C$0.30 at any time on or before December 3, 2028.The Company intends to use the net proceeds from the Offering for the exploration and advancement of the Company's PL Gold Mine Project located in Manitoba as well as for working capital and general corporate purposes, as is more fully described in the Amended Offering Document (as herein defined).The gross proceeds from the sale of FT Shares will be used by the Company to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\" as both terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") related to the Company's PL Gold Mine Project on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the purchasers of the FT Units effective December 31, 2025.In accordance with National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), the Units were sold to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the \"Listed Issuer Financing Exemption\"). The securities issuable from the sale of the...