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Minnova Corp. Announces Closing of First Tranche of Previously Announced Private Placement For Gross Proceeds of $3,334,750
TORONTO, ON / ACCESSWIRE / November 4, 2016 / Minnova Corp. (TSXV: MCI) (" Minnova " or the ...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Closing of First Tranche of Previously Announced Private Placement For Gross Proceeds of $3,334,750TORONTO, ON / ACCESSWIRE / November 4, 2016 / Minnova Corp. (TSXV: MCI) (\"Minnova\" or the \"Company\"), an advanced-stage mining exploration and development company focused on the advancement and re-start of our 100% owned PL Mine in central Manitoba, announces today that, further to its press releases from September 21, 2016 and October 25, 2016, it has closed the first tranche (\"First Tranche\") of its previously announced brokered (the \"Brokered Offering\") and non-brokered (the \"Non-Brokered Offering\") private placement raising aggregate gross proceeds of $3,334,750.\nPursuant to the Brokered Offering co-led by Mackie Research Capital Corporation and Industrial Alliance Securities Inc. (together, the \"Agents\"), the Company issued 71,000 flow-through units (each, a \"Flow-Through Unit\") at a price of $0.85 per Flow-Through Unit for gross proceeds of $60,350, and 966,200 units (each, a \"Unit\") at a price of $0.65 per Unit for gross proceeds of $628,030.\nEach Flow-Through Unit consists of one common share of the Company (each, a \"Common Share\") issued on a flow-through basis and one-half of a Common Share purchase warrant (each, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one Common Share at an exercise price of $0.85 until May 4, 2019. Each Unit consists of one Common Share and one-half of one Warrant. \nIn consideration for their services in connection with the Brokered Offering, the Agents received a cash commission equal to 6.0% of the gross proceeds of the Brokered Offering and were issued 62,232 broker warrants (the \"Broker Warrants\"). Each Broker Warrant is exercisable for one Unit for at a price of $0.65 per Unit until May 4, 2019.\nPursuant to the Non-Brokered Offering, the Company issued 2,612,200 Flow-Through Units at a price of $0.85 per Flow-Through Unit for gross proceeds of $2,220,370, and 655,385 Units at a price of $0.65 per Unit for gross proceeds of $426,000. The Brokered Offering and the Non-Brokered Offering are collectively referred to as the \"Offering\".\nIn connection with the Non-Brokered Offering, certain eligible finders received a cash finder's fee equal to 6.0% of the gross proceeds sourced by such finders, and the Company issued to s...