Business
Mongoose Mining Announces Closing of Acquisition of Spark Minerals Inc.
Toronto, Ontario--(Newsfile Corp. - November 11, 2021) - MONGOOSE MINING LTD. (CSE: MNG) Mongoose Mining Inc. ("Mongoose" or the "Company") announces the succes
About this update from Mongoose Mining Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - November 11, 2021) - MONGOOSE MINING LTD. (CSE: MNG) Mongoose Mining Inc. (\"Mongoose\" or the \"Company\") announces the successful closing of its previously announced acquisition (the \"Transaction\") of Spark Minerals Inc. (\"Spark\") a private Nova Scotia based company which is the owner of exploration licenses covering approximately 3,264 hectares or 32.64 km2, to explore the Cobequid Highlands Project composed of 7 mining concessions located near Londonderry, Nova Scotia and approximately 35 km northwest of Truro, Nova Scotia (together, the \"Project\"). In connection with the Transaction, all of the issued and outstanding common shares of Spark were exchanged for common shares in the capital of Mongoose ('Mongoose Shares\") on a one-for one basis. As previously announced, prior to the closing of the Transaction Spark and Mongoose closed non brokered private placements raising aggregate gross proceeds of $1,000,100. Pursuant to the Spark private placement Spark issued a total of 1,904,000 subscription receipts at a price of $0.25 per subscription receipt raising gross proceeds of $476,000, such subscription receipts were indirectly exchanged for Mongoose Shares on a one for one basis in connection with the Transaction. Pursuant to the Mongoose private placement Mongoose issued a total of 1,747,001 flow-through subscription receipts at price of $0.30 per flow-through subscription receipt raising gross proceeds of $524,100.30. Each such flow-through subscription receipt was exchanged for one flow-through common share of Mongoose in connection with the Transaction. Following completion of the Transaction the Company plans to focus on exploration and development efforts on the Project. Commencement of Trading On November 8, 2021, the Company received the conditional approval from the Canadian Securities Exchange (\"CSE\") for the listing of the Mongoose Shares issued in connection with the Transaction. The Company expects to recommence trading on the CSE on or before November 19, 2021 under the symbol \"MNG.\" A further press release will be issued when the date of trading is known. As a result of the Transaction the Company issued 26,904,000 Mongoose Shares to the holders of common shares of Spark. In addition, 2,500,000 common share purchase warrants of Mongoose were issued in exchange fo...