Business
Trigon Metals Closes Second Tranche of Private Placement Financing
(In Canadian Dollars unless otherwise stated) TORONTO, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Trigon Metals Inc. (TSX-V: TM) (the “Company” or “Trigon”) is pleased t
About this update from Safi Silver Corp.
[{"type":"text","content":" (In Canadian Dollars unless otherwise stated) TORONTO, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Trigon Metals Inc. (TSX-V: TM) (the “Company” or “Trigon”) is pleased to announce the closing of the second and final tranche (the “Second Tranche”) of its previously announced brokered private placement financing (the “Offering”). In this Second Tranche, the Company issued 1,471,999 units (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of $515,200. Each Unit is comprised of one common share of Trigon (each a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of $0.45 for a period of 36 months following the closing date of the Offering. Under the initial tranche of the private placement, which closed on September 24, 2020, Trigon issued a total of 13,721,042 Units for aggregate gross proceeds of $4,802,365 (the “Initial Tranche”). Pursuant to the Initial Tranche and the Second Tranche (together, the “Offering”), the Company has raised a total of $1,303,335. The net proceeds of the Offering will be used to acquire additional silver-copper projects associated with the Silver Hill Project in Morocco, for exploration on the Silver Hill Project and general corporate purposes. The Offering was led by Cormark Securities Inc. on behalf of a syndicate of agents that included M Partners Inc. (collectively, the “Agents”). As consideration for their services provided in connection with the Second Tranche, the Company has (i) paid the Agents a cash commission equal to $7,728. The Company also paid an aggregate amount of $57,547.55 to other arm’s length finders as part of the initial and Second Tranche of the Offering. All of the subscribers in the Second Tranche were on the Company’s “President’s List”. All of the securities issued by the Company pursuant to the Second Tranche will be subject to a four-month statutory hold period which expires on February 14, 2021. An insider of the Company subscribed for 70,000 Units under the Second Tranche. Each transaction with an insider of the Company constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the f...