Business
Muzhu Mining Closes Oversubscribed Private Placement
Now Fully Financed for China and Quebec Exploration Programs 2023 May 15, 2023 – TheNewswire - Vancouver, BC - Muzhu Mining Ltd. (CSE:MUZU) (“Muzhu” or the “Com
About this update from North Atlantic Titanium Corp
[{"type":"text","content":"Now Fully Financed for China and Quebec Exploration Programs 2023 May 15, 2023 – TheNewswire - Vancouver, BC - Muzhu Mining Ltd. (CSE:MUZU) (“Muzhu” or the “Company”) is pleased to announce that the Company has closed on a private placement and flow-through financing with a total combined gross proceeds of $742,633.60. “Having completed the two recent financings and entering into a new exploration season, in both China and Canada, we are excited to develop these two projects both of which are in highly developed mining camps where infrastructure is already in place. As a result, our hope is that we can significantly advance these two camps this year.” James Tong, President & CEO. The private placement, announced on March 21, 2023 has been oversubscribed and is for a total of 6,470,420 units at a price of $0.08 per unit for gross proceeds of $517,633.60. Each unit will comprise of 1 common share and 1 common share purchase warrant. Each warrant entitles the holder to acquire 1 additional common share of the Company at an exercise price of $0.12 for a period of 24 months from the date of issuance. In addition, as announced on April,3, 2023, a non-brokered flow-through financing of 2,250,000 units at a price of $0.10 per unit for gross proceeds of $225,000. Each unit will comprise of 1 common share and 1 common share purchase warrant. Each warrant entitles the holder to acquire 1 additional common share of the Company at an exercise price of $0.15 for a period of 12 months from the date of issuance. LMM and XWG properties in Henan Province, China – Operations The Company is now fully financed to initiate a work program upon the issuance of a bulk sampling permit for the LMM property as soon as it is received. The 2023 exploration and bulk sampling program will target high-grade silver and copper veins on the LMM property as identified by recently obtained field results from the property owner which returned assay results up to 417 g/t Ag and 7.52% Cu, non-43-101 compliant. The bulk sampling work will be performed by local, highly experienced contract Technical Teams who will also provide the equipment to extract and transport sample material to one of several local flotation mills. The closest flotation mill being the Jinqiao mill which is only 9 kms away. “Previous COVID restriction...