Business
Minnova Corp. Announces Oversubscription of Previously Announced Non-Brokered Private Placement and Closes Third and Final Tranche
Toronto, Ontario--(Newsfile Corp. - December 18, 2017) - Minnova Corp. (TSXV: MCI) (" Minnova ...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Oversubscription of Previously Announced Non-Brokered Private Placement and Closes Third and Final TrancheToronto, Ontario--(Newsfile Corp. - December 18, 2017) - Minnova Corp. (TSXV: MCI) (\"Minnova\" or the \"Company\"), an advanced-stage mining exploration and development company focused on the advancement and re-start of its 100% owned PL Mine in central Manitoba, is pleased to announce that its previously announced non-brokered private placement offering (the \"Offering\") of 1,538,462 flow-through units (the \"FT Units\") at a price of $0.65 per FT Unit (see news release dated November 20, 2017) has been over-subscribed, following the closing of the Company's third and final tranche (the \"Third Tranche\"), resulting in the issuance of an additional 532,769 FT Units of the Company. In connection with the Third Tranche, the Company issued an aggregate of 1,009,231 FT Units at a price of $0.65 per FT Unit for gross proceeds of $656,000.15. Each FT Unit consists of one common share (a \"Common Share\") of the Company and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\") with each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.75 until June 11, 2019. Each Common Share and Warrant comprising the FT Units will qualify as a \"flow through share\" for purposes of the Income Tax Act (Canada). The Common Shares issuable upon exercise of the Warrants will not qualify as \"flow-through shares\".The Company paid to certain eligible persons (the \"Finders\") a cash commission equal to 6% of the gross proceeds raised in connection with the Third Tranche and issued an aggregate of 50,953 finder warrants (the \"Finder Warrants\") to such Finders, with each Finder Warrant entitling the holder thereof to acquire one Common Share of the Company at a price of $0.65 until June 11, 2019.Aggregate gross proceeds raised by the Company pursuant to the Offering was $1,346,300.15.The Company intends to use the net proceeds of the Offering for work programs related to advancement and re-start of mining operations at the Company's PL Mine, as well as for general working capital purposes. All securities issued in connection with the Offering are subject to a statutory four month hold period. The Offering is subject to final acceptance of the TSX Venture...