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Revised: Nicola Mining Announces Closing of the Third Tranche of Unit Financing
(via Thenewswire.ca) VANCOUVER, B.C. / TheNewswire / March 23, 2016 - Nicola Mi...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Revised: Nicola Mining Announces Closing of the Third Tranche of Unit Financing(via Thenewswire.ca)\n \n \nVANCOUVER, B.C. / TheNewswire / March 23, 2016 - Nicola Mining Inc. (the \"Company\") is pleased to announce that, on March 22, 2016, it completed a third tranche of its previously announced private placement financing (the \"Financing\") as further described in its news releases of November 19, 2015, November 24, 2015 and December 7, 2016. In connection with the closing of the third tranche, the Company sold an aggregate of 2,250,000 units (each, a \"Unit\"), at a price of $0.08 per Unit, for gross proceeds of $180,000. Each Unit consisted of one common share of the Company (each, a \"Share\") and one share purchase warrant (each, a \"Warrant\"). Each Warrant is exercisable into one Share at a price of $0.15 per Share for a period of two years from the date of issuance. The Company has raised a total of $2,084,500 from the closing of the first, second and third tranches of the Financing. The Company intends to complete additional tranches of the Financing in the future. \n\n\n \nThe Company did not pay any finder's fees in connection with the Financing. Proceeds from the Financing will be used for general working capital. \n\n\n \nAn insider of the Company subscribed for 1,062,500 Units under the Financing, which is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61-101 in that the fair market value of the consideration of the Units to be issued to the insider did not exceed 25% of the Company's market capitalization. \n\n\n \nThe securities issued under the Financing, and the Shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on July 23, 2016.\n\n\n \nOn behalf of the Board of Directors\n\n\n \n\"Peter Espig\" \n\n\n \nPeter Espig\n\n\n \nCEO & Director\n\n\n \nFor additional information\n\n\n \nContact: Peter Espig\nPhone: (604) 647-0142 \nEmail: [email protected]\n\n\n \nDisclaimer for Forward-Looking Information\n\n\n \nCer...