Business
Palamina Corp. Completes Final Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - March 29, 2019) - Palamina Corp. (TSXV: PA) ("Palamina" or the "Company") is pleased to announce that it has closed the seco
About this update from Palamina Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - March 29, 2019) - Palamina Corp. (TSXV: PA) (\"Palamina\" or the \"Company\") is pleased to announce that it has closed the second and final tranche of its non-brokered private placement offering (the \"Offering\") previously announced on March 1, 2019. In this final tranche, the Company raised a total of $152,200 for the issuance of 507,333 units (the \"Units\") at the price of $0.30 per Unit. Together with the first tranche announced on March 1, 2019, the Offering has resulted in aggregate gross proceeds of approximately $1,687,700. Each Unit consists of one common share (\"Common Share\") and one warrant (a \"Warrant\"). Each Warrant is exercisable to acquire one Common Share at a price of $0.50 for a period of two years after the date of issuance, provided that if after four months and one day following the closing of the Offering, the closing price of the Common Shares on the TSX Venture Exchange (\"TSX-V\") is equal to or greater than $0.90 for 10 consecutive trading days, then the Company may accelerate the expiry date of the Warrants by disseminating a press release, and in such case the Warrants will expire on the 45th day after the date on which such press release is disseminated. Net proceeds of the Offering will be used for general corporate and working capital purposes and to advance Palamina's gold projects in south eastern Peru in the Puno Orogenic Gold Belt. All securities issued pursuant to the Offering are subject to a statutory hold period ending July 30, 2019. The Offering is subject to TSX-V acceptance of regulatory filings. The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Palamina Corp. Palamina has acquired the application and mining rights to five gold projects in south-eastern Peru in the Puno Orogenic Gold Belt (POGB), a silver copper project in the Santa L...