Business
Minnova Corp. Announces Closing of Tranche 2 of Non-Brokered Private Placement for Gross Proceeds of $100,006
TORONTO, ONTARIO--(Marketwired - Nov. 6, 2015) - Minnova Corp. (TSX VENTURE:MCI) ("Minnova" or "the Company") is pleased to announce that it has closed $100,000
About this update from Minnova Corp.
[{"type":"text","content":" TORONTO, ONTARIO--(Marketwired - Nov. 6, 2015) - Minnova Corp. (TSX VENTURE:MCI) (\"Minnova\" or \"the Company\") is pleased to announce that it has closed $100,000 in Tranche 2 of the non-brokered private placement announced on October 19, 2015. A total of 322,600 common share units (a \"Common Share Unit\") were issued at a price of $0.31 per unit for gross proceeds of $100,006. The common share units consisted of 322,600 common shares and 161,300 warrants entitling the holder to purchase one common share at the exercise price of $0.40 for a term of 2 years from the closing date of the Offering. The proceeds of the Offering will be used for work programs related to the re-start of mining operations at the Company's PL Mine including; resource expansion, exploration drilling and revised and updated NI 43-101 technical reports, as well as for general working capital purposes. Minnova may pay finder's fees on a portion of the Offering in accordance with TSX Venture Exchange (the Exchange\") guidelines. All securities issued under the Offering will be subject to a four month hold period from the date of issuance. The proposed Offering is subject to the approval from the Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Minnova Corp. Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Mine and expanding gold resources on its PL and Nokomis gold deposits (collectively the \"Maverick Gold Project\"). The Company completed an Updated PEA which supports average annual production of 48,100 ounces over a +10 year mine life. Work to date supports advancing the project with an initial program of underground test mining and completion of a Feasibility Study. The PL Mine includes an existing flotation mill with a replacement value in excess of $50 million, over 7,000 meters of developed u...