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RETRANSMISSION: BMEX Closes First Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2020) - BMEX Gold Inc. ( TSXV:&#x...
About this update from Route 109 Resources Inc.
[{"type":"text","content":"RETRANSMISSION: BMEX Closes First Tranche of FinancingVancouver, British Columbia--(Newsfile Corp. - October 7, 2020) - BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) (\"BMEX\" or the \"Company\") is pleased to announce that further to its press release of September 8, 2020, it has closed the first tranche of its private placement through the issuance of an aggregate of 10,510,000 units (a \"Unit\") of the Company at a price of $0.30 per Unit for gross proceeds of $3,153,000 (the \"Offering\"). The Units were issued and sold pursuant to the terms of an agency agreement dated October 6, 2020, among the Company and StephenAvenue Securities Inc. (the \"Agent\"), as sole agent and sole bookrunner.Each Unit consists of one common share (a \"Common Share\") of the Company and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of $0.50 for a period of eighteen (18) months from the closing date of the Offering. In connection with the closing of the first tranche of the Offering, the Agent received a cash commission of $220,710, and an aggregate of 735,700 broker warrants (a \"Broker Warrant\"). Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of $0.30 for a period of eighteen (18) months from the closing date of the Offering.All securities issued in connection with the first tranche of the Offering are subject to a statutory hold period, expiring February 7, 2021. The net proceeds from the first tranche of the Offering will be used to explore the Company's King Tut and Dunlop Bay projects located in Quebec, Canada, for general working capital including financing due diligence and transaction costs for future acquisitions.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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.The Offering remains subject to receipt of all necessary regulatory and other approvals, including the final approval of the TSX Venture Exchange.About BMEX Gold Inc.BMEX Gold Inc...