Business
Murchison Closes First Tranche of Private Placement
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRI...
About this update from Murchison Minerals Ltd
[{"type":"text","content":"Murchison Closes First Tranche of Private PlacementTHIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / July 24, 2020 / Murchison Minerals Ltd. (TSXV:MUR) (\"Murchison\" or the \"Company\") is pleased to announce that further to its press release dated June 30, 2020, the Company has closed a first tranche of the non-brokered private placement (the \"Private Placement\") as detailed below.The Company issued 6,264,600 common share units (the \"Units\") at a price of $0.065 per Unit and issued 4,575,000 flow-through units (the \"FT Units\") at a price of $0.08 per FT Unit for aggregate gross proceeds of $773,199. Combined with the flow-through raised on June 30, 2020, the Company has raised $973,199 over the last few weeks to advance its Brabant VMS project in Saskatchewan and the HPM nickel-copper-cobalt project in Quebec.Each Unit consists of one common share of the Company (a \"Common Share\") and one full Common Share purchase warrant. Each warrant (a \"Warrant\") entitles the holder to acquire one additional Common Share (a \"Warrant Share\") for a period of eighteen months expiring on January 23, 2022 at an exercise price of $0.12 per Warrant Share. Each FT Unit consists of one flow-through common share and one-half non flow-through Common Share purchase warrant having the terms as the Warrant Share.The completion of the Private Placement is subject to final approval from the TSXV. Finder's fees totaling $28,600 were paid in relation to the Private Placement. All securities issued pursuant are subject to a four month hold period from the date of issue. Proceeds from the Private Placement will be used by the Company for exploration drilling and field prospecting on its Brabant Lake VMS project in Saskatchewan as well as for working capital and other general and administrative costs.Certain officers of the Company participated in the Private Placement for an aggregate total of $290,000. This participation is considered a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"), however, the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on a determination that the securities of the C...