Business
Teako Minerals Announces Upsize of its Previously Announced Non-Brokered Private Placement to $900,000 and Closing of First Tranche
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2024) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce that, in res
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 11, 2024) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is pleased to announce that, in response to further investor demand, the Company has upsized its $580,000 non-brokered private placement, previously announced on March 14, 2024 and March 18, 2024, to $900,000 (the \"Offering\"). The Company closed the first tranche of the Offering for aggregate gross proceeds of approximately $579,600 (the \"First Tranche\"). The First Tranche of the Offering was subscribed by a group of supportive Danish investors as well as a previous private placement participant from Norway. In connection with the Offering, the Company wishes to extend its gratitude to the participants. Chief Executive Officer, Sven Gollan, comments: \"After successfully acquiring an extensive land package throughout Norway, the Company will now focus on further developing its project portfolio. This financing will strengthen our exploration efforts, and we are particularly pleased to have strong local support\". Under the First Tranche of the Offering, the Company issued 6,439,996 common shares (the \"Common Shares\") at a price of $0.09 per Common Share. The Company did not pay any finder's fees in cash or securities under the First Tranche. Closing of the second and final tranche of the Offering is anticipated to occur on or about April 30, 2024, and is subject to certain customary conditions, including, without limitation, approval of the Canadian Securities Exchange (the \"CSE\"). In connection with the Offering, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the CSE and applicable securities laws. All of the Common Shares issued under the Offering will be subject to a four-month and one-day statutory hold period. The Company intends to use the net proceeds of the Offering for mineral exploration programs in Norway and Finland (see news release dated January 18, 2024), as well as general working capital purposes. The Common Shares offered have not been registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any applicable state securities laws and may not be offered or sold to, or for the account or benefit of, persons in the United States or \"U.S. persons,\" as such term is defined in R...