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Mawson Gold Closes C$5.5 Million Public Offering of Common Shares
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson Gold Closes C$5.5 Million Public Offering of Common SharesNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / December 9, 2021 / Mawson Gold Limited (\"Mawson\" or the \"Company\") (TSX:MAW)(FSE:MXR)(OTC PINK:MWSNF) announced today that it has closed its previously announced public offering (the \"Offering\") to raise gross proceeds of C$5,500,050. Pursuant to the Offering, Red Cloud Securities Inc. and Sprott Capital Partners LP, the co-lead agents, sold 36,667,000 common shares of the Company (the \"Common Shares\"), at a price of C$0.15 per Common Share.The Company intends to use the net proceeds of the Offering for (i) advancing exploration and development of the Company's Rompas-Rajapalot project in Finland; and (ii) general corporate purposes, as set out in the final prospectus supplement dated December 2, 2021, to its short form base shelf prospectus dated March 13, 2020.Mr. Fairhall, CEO, stated: \"We are very pleased to be financed for drilling in Finland starting next month targeted to grow the camp scale gold-cobalt system, and to continue our de-risking work programs aimed at unlocking the value embedded in the Rajapalot project. We are thankful for the continued support of existing shareholders, as we welcome new shareholders to the registry.\"An insider of the Company participated in the Offering and purchased an aggregate of 500,000 Common Shares. Participation of such insider in the Offering constituted a \"related party transaction\" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), but was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to the insiders nor the consideration paid by the insiders exceeded 25% of the Company's market capitalization. None of the Company's directors expressed any contrary views or disagreements with respect to the foregoing. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insider of the Company had not been confirmed at that time.The securities offered have not been, and will not be, registered under the United States Securities Act ...