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Minsud Resources Announces Closing of Above Market Non-Brokered Private Placement for Gross Proceeds of $1,519,200
TORONTO, ONTARIO--(Marketwired - Sept. 2, 2016) - Minsud Resources Corp. (TSX VENTURE:MSR) ("Minsud" or the "Company") is pleased to announce the closing of a n
About this update from Minsud Resources Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Sept. 2, 2016) - Minsud Resources Corp. (TSX VENTURE:MSR) (\"Minsud\" or the \"Company\") is pleased to announce the closing of a non-brokered private placement offering of units in Minsud (the \"Units\") for gross proceeds of $1,519,200 (the \"Private Placement\"). In connection with the closing of the Private Placement, which was initially announced on August 9, 2016, Minsud issued 15,192,000 Units at a price of $0.10 per Unit with each Unit comprising of one common share in the capital of the Company (the \"Shares\") and one common share purchase warrant (the \"Warrants\"). Each Warrant is exercisable into one Share at $0.15 until September 2, 2018. The net proceeds will be used to continue exploring the Cu-Mo-Ag-Au deposit at the Company's Chita Project including 1,700 meters DDH drilling and metallurgical tests, payments relating to option agreements and financing of mining rights acquisitions, as well as working capital and corporate overhead requirements. Compañía de Tierras Sud Argentino S.A., an insider and control person of the Company, purchased 3,940,000 Units and the Company's Chief Financial Officer purchased 100,000 Units. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the participation by such insiders was not settled until shortly prior to closing of the Private Placement. The securities issued in connection with the closing of the Private Placement will be subject to a four month hold period expiring on January 3, 2017. No commission or finder's fee was paid in connection with the Private Placement. About Minsud Resources Corp.: Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo-Ag-Au Project, in the Province of San Juan, Argentina. The Company also holds a 100% owned portfolio of selected early stage prospects, including 18,000 has in Santa Cruz Province, Argentina. This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws. Forward-looking information includ...