Business
Teako Minerals Announces Extension and Repricing of Financing
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") announces that, further to its pre
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") announces that, further to its press release disseminated on July 6, 2023, the Company is extending and repricing the terms within its previously announced non-brokered private placement (the \"Financing\") for 45 days, subject to approval by the CSE. Despite the extension of the Financing, the Company expects to close the Financing within the next two weeks. The repriced Financing consists of the issuance of up to 13,333,333 units (each, a \"Non-FT Unit\") at a price of $0.09 per Non-FT Unit, for gross proceeds of up to $1,200,000, and up to 4,727,272 flow-through shares (each, a \"FT Share\") at a price of $0.11 per FT Share, for gross proceeds of up to $520,000. Each Non-FT Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one common share at a price of $0.20 for a period of 36 months from closing of the Financing. Each FT Share is comprised of one flow-through common share of the Company within the meaning of the Income Tax Act (Canada). The Warrants include an acceleration clause to the effect that if at any time after the statutory 4-month and one day hold period from the closing date, the daily volume weighted average closing price of the common shares on the CSE is at least $0.40 per share for a period of 10 consecutive trading days (the \"Triggering Event\") the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event. The Company intends to utilize the gross proceeds to advance exploration on its recently acquired 100% owned Yellow Moose project in B.C., which is in an advanced district-scale and drill-ready stage. Additionally, the funds will support the initiation of exploration, as well as due diligence activities, for other existing and potential projects in Norway and Finland, and cover general administrative costs. About Teako ...