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First Mexican Gold Corp. Announces Closing of Third Tranche Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - December 31, 2019) - First Mexican Gold Corp. (TSXV: FMG)...
About this update from Qcx Gold Corp
[{"type":"text","content":"First Mexican Gold Corp. Announces Closing of Third Tranche Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - December 31, 2019) - First Mexican Gold Corp. (TSXV: FMG) (\"First Mexican\" or the \"Company\") is pleased to announce that further to its news release of December 24, 2019, the Company has issued an aggregate of an additional 1,900,000 units (\"Units\") of the Company at a price of $0.05 per Unit for gross proceeds of $95,000. In total, the Company issued an aggregate of 20,000,000 Units for gross proceeds of $1,000,000 (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. In connection with the Offering, the Company paid a finder's fee equal to $7,800 and issued and aggregate of 156,000 finder warrants (the \"Finder Warrants\"). Each Finder's Warrant is exercisable into one Unit of the Company at a price of $0.05 per Unit. Each Unit issued upon exercise of the Finder's Warrant being comprised of one Common Share and one Warrant. Each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.075 per Common Share for a period of two (2) years from the date of issuance.All securities issued under the Offering are subject to a four-month and one day statutory hold period. The gross proceeds of the Offering will be used for general working capital purposes.The transaction constituted a related party transaction within the meaning of Multilateral Instrument 61-101 (\"MI 61-101\") as an insider of the Company subscribed for an aggregate of 300,000 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems r...