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White Metal Receives Approval and Closes $2.273 Million Non-Brokered Private Placement of Flow-Through and Non-Flow Through Units
Thunder Bay, Ontario--(Newsfile Corp. - February 22, 2021) - White Metal Resources Corp. (TSX...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal Receives Approval and Closes $2.273 Million Non-Brokered Private Placement of Flow-Through and Non-Flow Through UnitsThunder Bay, Ontario--(Newsfile Corp. - February 22, 2021) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce that the Company has received TSX Venture Exchange (\"Exchange\") approval and closed its previously announced non-brokered private placement of flow-through and non flow-through units (the \"Private Placement\") (see Company news releases dated January 18, 2021 and February 5, 2021). The Company raised gross proceeds totalling $2,273,000 by issuing a combination of flow-through and non flow-through units. The Company will issue 4,711,539 flow-through units at a price of $0.13 per unit, each unit consisting of one flow-through common share and one common share purchase warrant, each full warrant entitling the holder thereof to purchase an additional common share of the Company at a price of $0.20 for a period of 24 months following the date of issuance. The flow-through shares will entitle the holder to receive the tax benefits applicable in accordance with provisions of the Income Tax Act (Canada). The Company will also issue 18,450,000 non-flow through units in the Private Placement at a price of $0.09 per unit, each unit consisting of one common share of the Company and one common share purchase warrant, each warrant entitling the holder thereof to purchase an additional common share of the Company at a price of $0.20 for a period of 24 months following the date of issuance. The Company will pay cash finders' totalling $115,034 and will issue 869,050 finders' warrants exercisable at $0.09 per share and 235,033 finders' warrants exercisable at $0.13 per share, all exercisable for 24 months from the date of issuance and in accordance with the policies of the Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period.The Private Placement was effected with three insiders of the Company subscribing for $112,510 - 173,154 Flow-Through Units and 1,000,000 Non-Flow-Through Units - that portion of the Placement a \"related party transaction\" as such term is defined under Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is...