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Murchison Closes Fully-Subscribed Private Placement, and Announces Strategic Investment by Michael Gentile, CFA
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 Fully-Subscribed Private Placement, and Announces Strategic Investment by Michael Gentile, CFATHIS 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 STATESBURLINGTON, ON / ACCESSWIRE / October 21, 2021 / Murchison Minerals Ltd. (\"Murchison\" or the \"Company\") (TSXV:MUR) is pleased to announce that further to its press release dated September 29, 2021, the Company has closed the $4,000,000 non-brokered private placement (the \"Private Placement\") as detailed below.The Company issued 13,500,000 units (the \"Units\") at a price of $0.08 per Unit as well as 30,737,571 flow-through units (the \"FT Units\") at a price of $0.095 per FT Unit for aggregate gross proceeds of $4,000,069. Each Unit was comprised of one common share of the Company (a \"Common Share\") and one-half of a common share purchase warrant (each whole warrant, a \"Warrant\") and each FT Unit was comprised of one flow-through common share of the Company (a \"FT Common Share\") and one-half of a Warrant. Each whole Warrant shall be exercisable to acquire one additional Common Share at a price of $0.12 for a period of 12 months expiring October 21, 2022. Proceeds from the Private Placement will be used by the Company for exploration, working capital and for other general and administrative costs.Troy Boisjoli, President and CEO states, \"Murchison is very pleased to welcome Michael Gentile as a strategic investor. Mr Gentile's support comes at a pivotal time for the Company as we are starting an inaugural drill program at the highly prospective HPM nickel-copper-cobalt project in Quebec. This Private Placement puts us in an excellent financial position to unlock the potential of HPM.\"Following closing of the Private Placement, Mr. Gentile owns 6.85% (10,500,000 common shares) of the Company's issued and outstanding common shares, and on a partially-diluted basis (including 5,250,000 warrants), Mr. Gentile will own 9.94% of the Company's issued and outstanding common shares.Mr. Gentile who has an extensive institutional money management background is an active and strategic investor in the junior mining sector owning significant stakes in over 20 small cap exploration companies. Michael is currently a strategic advisor to Arizona Metals (AM...