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Mosaic Minerals Announces Closing of Oversubscribed Offering and Option of 113 North
MONTRÉAL, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) is pleased to announce that it has closed an
About this update from Mosaic Minerals Corp
[{"type":"text","content":" MONTRÉAL, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) is pleased to announce that it has closed an oversubscribed private placement (the “Offering”), pursuant to which it issued 7,962,500 flow-through units (each a “Unit”) at a price of $0.08 per Unit, for gross proceeds of $637,000. Each Unit consists of: One flow-through share (“FT Share”) of the Corporation One-half common share warrant. Each whole warrant (a “Warrant”) can be exercised to purchase one Share at a price of $0.12 per Share for a period of 18 months ending June 4, 2025. An aggregate number of 3,981,250 Warrants have been issued as part of the Offering. A 7% cash commission will be paid to an unrelated third party as an intermediary. The proceeds will be used for exploration work on the Amanda lithium project and Gaboury nickel project. Option of 113 North Project The Corporation also announces that it has entered into an arm’s length property option agreement (the “Agreement”) as of November 30, 2023 (the “Effective Date”) with Lithium Lion Metals Inc (“Lithium Lion”), pursuant to which Lithium Lion has the option to acquire a 100-per-cent interest in the 113 North Project (the “Project”) in exchange for $200,000 in cash, 2,000,000 ordinary shares of Lithium Lion, and an exploration commitment of $1,325,000 over three years. The Project is formed by 59 mining claims covering approximately 3,107 hectares in Bartouille and Ducros Townships in Quebec. Lithium Lion can exercise its option to acquire a 100% interest in the Project by completing the following milestones on or before the indicated dates: Shares Cash Exploration Commitment On Effective Date (or as soon aspracticable thereafter) 200,000 $10,000 1st anniversary of Effective Date 400,000 $25,000 $75,000 2nd anniversary of Effective Date 600,000 $50,000 $250,000 3rd anniversary of Effective Date 800,000 $115,000 $1,000,000 Totals: 2,000,000 $200,000 $1,325,000 About Mosaic Minerals Corporation Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of critical minerals such as Nickel and Lithium in the province of Quebec. This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangem...