Business
Minnova Corp. Closes First Tranche of Previously Announced Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - December 1, 2017) - Minnova Corp. (TSXV: MCI) (" Minnova "...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Closes First Tranche of Previously Announced Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - December 1, 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 further to its press release dated November 20, 2017, it has completed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement offering (the \"Offering\"). The Company issued an aggregate of 612,000 flow-through units (the \"FT Units\") at a price of $0.65 per FT Unit for gross proceeds of $397,800. 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 1, 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 First Tranche and issued an aggregate of 34,800 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 1, 2019.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 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 s...