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Tombill Mines Closes First Tranche of Private Placement for Gross Proceeds of $1.625M
Toronto, Ontario--(Newsfile Corp. - December 31, 2021) - Tombill Mines Limited (TSXV: TBLL) ...
About this update from Tombill Mines Ltd.
[{"type":"text","content":"Tombill Mines Closes First Tranche of Private Placement for Gross Proceeds of $1.625MToronto, Ontario--(Newsfile Corp. - December 31, 2021) - Tombill Mines Limited (TSXV: TBLL) (OTCQB: TBLLF) (\"Tombill\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of a brokered private placement consisting of 10,125,000 units (the \"HD Units\") at a price of $0.08 per HD Unit and 9,055,533 flow-through units (the \"FT Units\", and collectively, with the HD Units, the \"Units\") at a price of $0.09 per FT Unit, for total gross proceeds of approximately $1.625M in the First Tranche. Prior to the end of January 2022, the Company anticipates closing an additional final tranche consisting of HD Units (the \"Additional Tranche\", and together with the First Tranche, the \"Offering\"). The Offering is being conducted pursuant to the terms and conditions of an agency agreement entered into between the Company and Echelon Wealth Partners Inc. (the \"Agent\"). Each HD Unit consists of one common share of the Company (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant is exercisable to acquire one Common Share until December 31, 2023, at an exercise price of $0.12. Each FT Unit consists of one flow-through common share (a \"FT Share\") and one-half of one common share purchase warrant (each whole warrant, a \"FT Warrant\"). Each whole FT Warrant is exercisable to acquire one Common Share until December 31, 2023, at an exercise price of $0.13.The net proceeds from the Offering will be used to fund the Company's exploration activities, and for general corporate purposes, provided that for proceeds raised from the offering of the FT Units will be used to incur Canadian exploration expenses that are \"flow-through mining expenditures\" (as defined in the Income Tax Act (Canada)) on the Company's properties in Ontario.In consideration for the services provided by the Agent in connection with the Offering, the Company has agreed to: (i) pay to the Agent a cash fee equal to 7.0% of the aggregate gross proceeds of the Offering, other than in respect of Units sold to purchasers designated by the Company, for which a cash fee shall be 3.5%, and (ii) issue to the Agent compensation warrants (the \"Compensation Warrants\") equal to 7.0% of the aggregate number of Units, o...