Business
PPX Announces Closing of First Tranche of Private Placement of Shares
VANCOUVER, BC / ACCESSWIRE / February 26, 2020 / PPX Mining Corp. (TSXV:PPX) (the " Company ...
About this update from Ppx Mining Corp.
[{"type":"text","content":"PPX Announces Closing of First Tranche of Private Placement of SharesVANCOUVER, BC / ACCESSWIRE / February 26, 2020 / PPX Mining Corp. (TSXV:PPX) (the \"Company\" or \"PPX\") is pleased to announce that it has closed the first tranche of the non-brokered private placement (the \"Private Placement\") previously announced on January 30, 2020 for up to 83,333,334 common shares of the Company (each, a \"Share\") at a price of CDN$0.06 per Share for gross proceeds of up to CDN$500,000.Pursuant to the closing of the first tranche of the Private Placement, the Company issued 6,917,901 Shares for aggregate gross proceeds of CDN$415,074.06.In consideration for introducing certain first tranche subscribers to the Private Placement, the Company is paying a cash finders' fee of CDN$33,205.92 to one arm's length finder, representing 8% of the total funds raised from subscribers introduced to the Company by such finder.Securities issued to the placees under the Private Placement will be subject to a four-month hold expiring on June 26, 2020, in accordance with applicable Canadian securities laws. The Company intends to use the proceeds of the Private Placement for general working capital purposes.The Company has received conditional acceptance from the TSX Venture Exchange for the Private Placement. The Company anticipates that it may close future tranches of the Private Placement in due course.The Company also announces that, further to its news release dated January 30, 2020, the management cease trade order (the \"MCTO\") imposed by the British Columbia Securities Commission on January 29, 2020 remains effective. The Company confirms that there have been no material changes to the information contained in the initial announcement of the MCTO.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.On behalf of the Board of DirectorsBrian J. Mah...