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Crown Mining Announces Changes to Its Previously Proposed Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - April 1, 2020) - Crown Mining Corporation (TSXV: CWM) (" C...
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[{"type":"text","content":"Crown Mining Announces Changes to Its Previously Proposed Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - April 1, 2020) - Crown Mining Corporation (TSXV: CWM) (\"Crown\" or the \"Company\") announces it has revised the terms and amount of its previously announced non-brokered private placement (See press release date February 20, 2020). Subject to regulatory approval, the Company intends to complete a non-brokered private placement (the \"Offering\") for aggregate gross proceeds of up to $200,000. The Offering will be comprised of up to 8,000,000 Units (\"Units\") at a price of $0.025 per Unit. Each Unit will consist of one common share and one full common share purchase warrant (a \"Warrant\"), with each Warrant being exercisable at $0.05 for three years after closing subject to an acceleration clause. The Offering is being made subject to the grant of a discretionary waiver of the TSX Venture Exchange's (\"TSXV\") minimum $0.05 pricing requirement (the \"Waiver\"). The Offering is subject to a minimum $150,000 aggregate subscriptions. Subject to certain limitations discussed below, the Offering is open to all existing shareholders of the Company as well as pursuant to other available prospectus exemptions. The Offering is subject to TSXV final acceptance.Assuming the Offering is fully subscribed, the Company intends to allocate the proceeds as follows: approximately $5,000 for current liabilities, $125,000 to keep its exploration properties in good standing for the next twelve months, $40,000 for general and administration expenses and $30,000 for general working capital purposes. The Company has not previously raised any amount under the $500,000 maximum discretionary waiver of the TSXV.Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. If the Offering is not fully subscribed, the Company will apply the proceeds of the Offering to the above uses in priority and in such proportions as the board of directors of the Company determine is in the best interests of the Company.Depending on demand and regulatory requirements, a portion of the Offering may be made in accordance with the provisions of the existing shareholder exemption (t...