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Monterey Minerals Upsizes its Previously Announced Non-Brokered Private Placement and Closes First Tranche
TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE: MREY, FSE: 2DK) announces that is has upsized its non-flow
About this update from Puranium Energy Ltd
[{"type":"text","content":" TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE: MREY, FSE: 2DK) announces that is has upsized its non-flow-through private placement (the “Financing”) from previously announced $300,000 to $500,000. The Company also announced the closing of a first tranche totaling $407,380 of non-flow-through units and the full $100,000 of flow-through units. The first tranche closing consisted of flow-through units (“FT Unit”) and non-flow-through units (“NFT Unit”) both priced at $0.05 per unit. Each FT Unit consists of one (1) common share which is designed as a “flow-through” share for Canadian income tax purposes and one-quarter (1/4) of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one (1) additional common share at a price of $0.10 until February 21, 2021. Each NFT Unit consists of one (1) common share and one-quarter (1/4) of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one (1) additional common share at a price of $0.10 until February 21, 2021. The Company paid cash finder’s fees equal to 7% of the gross proceeds totalling $17,850 in the first closing. The net proceeds will be used for funding an exploration program at the Pilbara Gold Properties in Western Australia and base line exploration at Cobalt Mountain in British Columbia as well as general working capital. This financing is subject to regulatory approval and all securities issued are subject to a four-month hold period under applicable Canadian securities laws. About Monterey Minerals Inc. Monterey Minerals is a mineral exploration company focused on its prospective 992 sq. km. Pilbara Basin tenement portfolio on the eastern flank of the Pilbara Basin in Western Australia, including a property that abuts Pacton Gold’s tenement where gold-bearing conglomerates were identified. The Company also owns the Cobalt Mountain Project (the “Project”), near Smithers, BC. The Company’s NI 43-101, on SEDAR, notes historic sampling at the Project that returned mineralized showings of gold, silver, copper, zinc and cobalt. For more information, contact investor relations at [email protected] On Behalf of the Board of Directors, James Macintosh, President and CEO Neither the ...