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Margaret Lake Diamonds Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2022) - Margaret Lake Diamonds Inc. ...
About this update from Vault Strategic Mining Corp.
[{"type":"text","content":"Margaret Lake Diamonds Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 17, 2022) - Margaret Lake Diamonds Inc. (TSXV: DIA) (FSE: M85A) (OTC Pink: DDIAF) (\"MLD\" or the \"Company\") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the \"Offering\") under which MLD raised aggregate gross proceeds of $777,368 The Offering consists of the issuance of: (i) an aggregate of 4,820,841 units of the Company (the \"Units\") at a price of $0.14 per Unit for gross proceeds of $674,918, Each Units consists of one Common shares and one shares purchase Warrant exercisable to acquire an additional Common Share (a \"Warrant Share\") at a price of $0.28 per for a period of 24 months from the date of issuance and (ii) an aggregate of 683,000 \"Flow-Through\" Units of the Company (the \"FT Units\") at a price of $0.15 per FT Unit for gross proceeds of $102,450. Each FT Unit is comprised of one FT common share of the Company (a \"Common Share\") and one Non Flow Through Share Purchase Warrant exercisable to acquire an additional NFT Common Share (a \"Warrant Share\") at a price of $0.30 per for a period of 24 months from the date of issuanceThe Warrants are subject to an acceleration clause noting that should the Common Shares trade at or above $0.32 per share for 10 consecutive trading days, then the expiry date of the Warrants will be automatically accelerated to the date that is 30 days after the date the Company provides an acceleration notice by press release to the holders of the Warrants. Finder's fees of $16,413.60 cash, and 114,480 share purchase warrants (the \"Finder's Warrants\") are being paid to Canaccord Genuity Corp. Each Finder Warrant will entitle the holder to purchase one common share of the Company for a period of 24 months.The aggregate gross proceeds of $102,450 from the sale of the FT Offering will be used for contribution to and maintenance of the Company's share in its Joint Venture with Arctic Star Diamond Exploration. While the aggregate gross proceeds from the sale of the NFT Offering will be used for legal, accounting and General Administrative costs. The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. Pursuant to the policies of the T...