Business
Trillium Closes Equity Financing for Gross Proceeds of $513,809.95
May 12, 2011 (Filing Services Canada) -- Trillium North Minerals Ltd. (TNM - TSX Venture),annou...
About this update from Thunder Gold Corp.
[{"type":"text","content":"\nTrillium Closes Equity Financing for Gross Proceeds of $513,809.95\n\n May 12, 2011 (Filing Services Canada) -- Trillium North Minerals Ltd. (TNM - TSX Venture),announces that on May 12, 2011 it closed its private placement financing for gross proceeds of $513,809.95.In accordance with the provisions of the Subscription Agreements received, on May 12, 2011 the Company issued: - a total of 4.208.295 FT Units at $0.07 per FT Unit, each FT Unit consisting of one flow-through common share and one-half (1/2) share purchase warrant, each whole warrant entitling the holder to purchase one additional common share at $0.10 per share on or before May 11, 2013; and - a total of 4,260,000 NFT Units at $0.05 per NFT Unit, each NFT Unit consisting of one common share and one-half (1/2) share purchase warrant, each whole warrant entitling the holder to purchase one (1) additional common share at $0.10 per share on or before May 11, 2013. The Company also issued Brokers Warrants as finders' fees in connection with the private placement, entitling finders to purchase a total of 171,405 common shares of the Company at a price of $0.10 per share on or before May 11, 2012.  In addition, the Company paid a total of $27,146.70 cash as finders' fees.  All of these shares, including any shares issued on exercise of the warrants, will be subject to a hold period under applicable Canadian securities laws expiring on September 13, 2011, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws. Proceeds of $300,809.95 raised from the Flow-Through private placement will be used for exploration of the Company's West Porcupine gold property located in Ontario, such that the exploration work will qualify as Canadian Exploration Expense for the purposes of the Income Tax Act (Canada), which will then be renounced by the Company to the placees. Certain of the directors and/or officers of the Company have together directly subscribed for a total of 300,000 NFT Units ($15,000) and 200,000 FT Units ($14,000), and accordingly those related parties have therefore acquired an additional 500,000 common shares in the capital stock of the Company which increased their pro rata shareholdings in the Company (the \"Related Party Transaction\").  All of the independent directors of the Co...