Business
First Mexican Gold Corp. Announces Closing of Second Tranche Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - December 24, 2019) - First Mexican Gold Corp. (TSXV: FMG) ...
About this update from Qcx Gold Corp
[{"type":"text","content":"First Mexican Gold Corp. Announces Closing of Second Tranche Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - December 24, 2019) - First Mexican Gold Corp. (TSXV: FMG) (\"First Mexican\" or the \"Company\") is pleased to announce that further to its news release of November 8, 2019, the Company has issued an aggregate of an additional 11,100,000 units (\"Units\") of the Company at a price of $0.05 per Unit for gross proceeds of $555,000 (the \"Offering\").Each Unit consists comprised of one common share (each, a \"Common Share\") in the capital of the Company and one common share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.075 for a period of two (2) years from the date of issuance. All securities issued under the second tranche of the Offering are subject to a four-month and one day statutory hold period. The gross proceeds from the second tranche of the Offering will be used for general working capital purposes.Generic Capital Corporation (\"Generic\") has subscribed for 5,000,000 Units of the Company. A total of 5,000,000 Units, representing approximately 18.99% of the issued and outstanding Common Shares on an undiluted basis and assuming exercise of the Warrants, approximately 31.92% of the issued and outstanding Common Shares of the Company on a partially diluted basis, have been issued to Generic. Generic has signed an undertaking agreeing not to exercise any convertible securities of the Company, in whole or in part, if, after giving effect to such exercise, Generic would own that number of Common Shares of the Company which is twenty percent (20%) or greater of the total issued and outstanding Common Shares of the Company, immediately after giving effect to such exercise. Irwin Professional Corporation (\"IPC\") has acquired an additional 4,000,000 Units of the Company. IPC now beneficially owns and controls an aggregate of 7,000,000 Units, representing approximately 26.59% of the issued and outstanding Common Shares on an undiluted basis and assuming exercise of the Warrants, approximately 42.01% of the issued and outstanding Common Shares of the Company on a partially diluted basis. Generic and IPC have long-term views of the investment and may acquire additional Common Shares either on the open market or through...