Business
Minfocus Exploration Announces Revisions to Private Placement Offering Price to Initiate Drilling on Its Coral Project
TORONTO, ON--(Marketwired - June 21, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) ("Minfocus" or the "Company") - Further to the May 6, 2016 news relea
About this update from Q2 Metals Corp
[{"type":"text","content":"TORONTO, ON--(Marketwired - June 21, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) (\"Minfocus\" or the \"Company\") - Further to the May 6, 2016 news release regarding a proposed private placement offering, the Company received Conditional Acceptance from the TSXV to undertake a non-brokered private placement of up to 5,000,000 units. This has now been increased to an issuance of up to 10,000,000 units for the same gross proceeds of up to $250,000 at a TSXV approved new price of $0.025 per unit, which is equivalent to the most recent Minfocus closing share price. Minfocus has extended the closing date to June 30, 2016, but may close earlier in tranches. The private placement will comprise both flow-through units and non-flow-through units. Directors, officers and insiders intend to subscribe for up to a maximum of 4,000,000 units. The private placement offering is also open to all existing Minfocus shareholders, subject to applicable exemptions for private placement for existing shareholders (Multilateral CSA Notice 45-313 - Prospectus Exemption for Distributions to Existing Security Holders). Each non-flow-through unit (\"NFT Unit\") will be offered at a price of $0.025 per NFT Unit, which shall consist of one common share (\"Share\") and one non-transferable share purchase warrant (\"Warrant\"). Each whole Warrant will entitle the holder to purchase one additional Share at a price of $0.10 per Share for a period of 24 months from the closing date. The Warrant in each Unit will have an Accelerated Exercise Provision which would accelerate the expiry date of the term of the warrants if the weighted average price of Minfocus shares exceeds $0.15 (600% of unit issuance price) for a period of ten consecutive trading days. Each flow-through unit (\"FT Unit\") will be offered at a price of $0.025 per FT Unit, which will consist of one Share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one Warrant. Each whole Warrant will entitle the holder to purchase one additional non flow-through Share at $0.10 per Share for a period of 24 months from the closing date. A maximum of 4,000,000 FT Units will be made available for issuance. The Warrant in each FT Unit will also have an Accelerated Exercise Provision the same as the NFT Unit. President and Director, Gerald Harper, who is also a Control Person of M...