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Red Oak Mining Closes Private Placement and Acquires Nuevo Taxco Silver-Gold Project in Mexico
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Red Oak Mining Corp. (TSX...
About this update from Pantera Silver Corp.
[{"type":"text","content":"Red Oak Mining Closes Private Placement and Acquires Nuevo Taxco Silver-Gold Project in MexicoVancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Red Oak Mining Corp. (TSXV: ROC.H) (\"Red Oak\") has closed, on an oversubscribed basis, its previously announced non-brokered private placement financing (the \"Offering\"). The Company issued 10,423,500 units (the \"Units\") at a price of $0.10 per Unit for gross proceeds of $1,042,350.00. Each Unit consists of one Red Oak Share and one Red Oak Share purchase warrant at a price of $0.20, exercisable for a period of two years from issuance (the \"Warrants\"). The Offering was oversubscribed by $92,350.00.In addition, the Company is pleased to announce it has executed the previously announced Property Acquisition Agreement (the \"Agreement\") to acquire 100% interest in the Nuevo Taxco Silver-Gold Property from Impact Silver Corp. (TSXV: IPT) (the \"Transaction\") by making certain staged cash payments, issuing common shares in the capital of Red Oak to Impact Silver Corp. and making exploration expenditures over a 3-year period as follows: (i) $1,000 in cash which was paid upon execution of the Letter of Intent in respect of the Transaction; (ii) $49,000 in cash and 500,000 common shares within five (5) days of receiving TSX Venture Exchange (the \"TSXV\") approval of the Transaction (iii) $200,000 in exploration expenditures on or before September 30th, 2021; (iv) $100,000 in cash, 1,000,000 common shares and $400,000 in exploration expenditures on or before September 30, 2022; and (v) $150,000 in cash, 2,000,000 common shares and $800,000 in exploration expenditures on or before September 30, 2023. Impact Silver Corp. will retain a one percent (1.0%) Net Smelter Returns royalty (\"NSR\") which Red Oak has the option to buy back the NSR for $1,000,000. The Agreement includes a one (1) km mutual area of interest from the outside boundary of the Zacualpan SE mineral concession (the \"Property\") for a period of two (2) years.The Transaction constitutes a Fundamental Acquisition, as that term is defined in the policies of the TSXV. Following completion of the Transaction, it is intended that Red Oak will seek to graduate its listing from the NEX board of the TSXV to become a Tier 2 Mining issuer on the TSXV.About the Nuevo Taxco Silver-Gold ProjectIn 2013, Impact Silver ...