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Mistango River Resources Closes $3.1 Million Private Placement
TORONTO, Sept. 29, 2020 /CNW/ - Mistango River Resources Inc. ("Mistango" or the "Company") (CSE: MIS) is pleased to announce the closing of its previously anno
About this update from Stardust Metal Corp.
[{"type":"text","content":" TORONTO, Sept. 29, 2020 /CNW/ - Mistango River Resources Inc. (\"Mistango\" or the \"Company\") (CSE: MIS) is pleased to announce the closing of its previously announced brokered private placement of units of the Company (the \"Units\"), at a price of $0.22 per Unit, and flow-through units of the Company, at a price of $0.28 per FT Unit (the \"FT Units\", collectively with the Units, the \"Offered Securities\") (the \"Brokered Offering\"), for aggregate gross proceeds of approximately $3,026,657, which included the partial exercise by Echelon Wealth Partners Inc. (\"Echelon\"), the sole agent in connection with the Brokered Offering, of the over-allotment option. The Brokered Offering was announced on August 31, 2020 and subsequently amended on September 11, 2020 to accommodate additional demand. Additionally, the Company is pleased to announce the closing of a concurrent non-brokered private placement of Units (the \"Non-Brokered Offering\", and together with the Brokered Offering, the \"Offering\"), for aggregate gross proceeds of approximately $140,120. Each Unit consisted of one common share of the Company (a \"Unit Share\") and one-half of one common share purchase warrant (each whole warrant a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one common share of the Company at a price $0.30 for a period of two years following the closing of the Offering. Each FT Unit consisted of one common share of the Company (a \"FT Unit Share\") and one-half of one common share purchase warrant (each whole warrant a \"FT Warrant\"), with each FT Warrant entitling the holder thereof to acquire one common share of the Company at a price $0.35 for a period of 2 years following the closing of the Offering. The FT Unit Shares and FT Warrants were issued as \"flow-through shares\" as defined in the subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\"). The Warrants and FT Warrants were issued pursuant to a warrant indenture dated September 29, 2020 between the Company and TSX Trust Company, as warrant agent. The Company intends to use the gross proceeds received by the Company from the sale of the FT Units to incur Canadian Exploration Expenses that are \"flow-through mining expenditures\" (as such terms are defined in the Tax Act on the Company's properties in Ontario, which will be renounced to...