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Crown Mining Proposes $800,000 Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - February 8, 2018) - Crown Mining Corporation TSXV: CWM...
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[{"type":"text","content":"Crown Mining Proposes $800,000 Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - February 8, 2018) - Crown Mining Corporation TSXV: CWM) (\"Crown\" or the \"Company\") announces a proposed non-brokered private placement for aggregate gross proceeds of up to $800,000 comprised of up to 4,000,000 units at a price of $0.20 per unit (each such unit being comprised of one common share and one half of one warrant) (the \"Offering\"). Each whole warrant will entitle the holder to purchase one common share for $0.25 at any time within 2 years after closing subject to an acceleration clause. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. The Company proposes to pay to eligible finders a finder's fee equal to a cash payment of 8% of the gross proceeds raised and issuance of broker units at 8% of the units issued. Each broker unit will entitle the holder to purchase one unit (each such unit being comprised of one common share and one half of one broker warrant, with each whole broker warrant entitling the holder to purchase one common share for $0.25 at any time within 2 years after closing subject to an acceleration clause) for $0.20 at any time within 2 years after closing subject to an acceleration clause. The Company reserves the right to increase or decrease the size of the Offering. Completion of the Offering is subject to receipt of all required regulatory and TSX Venture Exchange approvals. The Company intends use the proceeds of the Private Placement to make the final payment for the acquisition of the Moonlight property and for general working capital purposes. In addition, the Company announces that incentive stock options to purchase up to 830,000 common shares of the Company have been granted to various consultants, officers and directors of the Company pursuant to the Company's stock option plan and subject to any regulatory approval. Each stock option is exercisable at $0.20 for a period of three years from the grant date. All securities issued pursuant to this option grant will be subject to a four (4) month hold period from the date of grant if exercised with the first four months from the date of grant.Crown controls approximately 15 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District; essentially, the...