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Tombill Mines Announces Closing of Over-subscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2021) - Tombill Mines Limited (TSXV: ...
About this update from Tombill Mines Ltd.
[{"type":"text","content":"Tombill Mines Announces Closing of Over-subscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 23, 2021) - Tombill Mines Limited (TSXV: TBLL) Tombill Mines Limited (the “Company” or “Tombill”), is pleased to announce the closing of its previously-announced (see news release dated March 4, 2021) fully-subscribed private placement.  Subsequent to its prior news release, the private placement was over-subscribed by $500,000, thereby increasing total proceeds to $2,000,000 (the “Offering”).The Offering is comprised of 8,695,652 units (each, a \"Unit\") at a price of $0.23 per Unit, for aggregate proceeds of $2,000,000. Each Unit consists of one common share (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share of the Company at a price of $0.32 for a period of eighteen months after closing.Upon closing, Crescat Portfolio Management LLC (\"Crescat\"), will control over 6.1% of the outstanding common shares of the Company and has been provided with a pre-emptive right to participate in future offerings of Tombill in order to maintain the lower of its percentage ownership at the time of such offering or 4%. The pre-emptive right automatically terminates on the earlier of the date on which Crescat's ownership of common shares of the Company falls below 2% or 3 years.The Company intends to use the proceeds of the Offering for working capital and general corporate purposes.The securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of closing. No commission or finder's fee was paid in connection with the Offering.The Units have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities herein described and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. About Tombill Tombill owns various royalty-free mi...