Business
West Vault Announces Private Placement Financings to Raise up to $15.7 Million to Consolidate Hasbrouck Gold Project
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2020) - West Vault Mining Inc. (TSXV: ...
About this update from West Vault Mining Inc
[{"type":"text","content":"West Vault Announces Private Placement Financings to Raise up to $15.7 Million to Consolidate Hasbrouck Gold ProjectVancouver, British Columbia--(Newsfile Corp. - July 22, 2020) - West Vault Mining Inc. (TSXV: WVM) (\"West Vault\" or the \"Company\") is pleased to announce that it has entered into an agreement with Haywood Securities Inc. and PI Financial Corp. as co lead-agents (collectively, the \"Agents\"), who have agreed to sell, on a commercially reasonable efforts private placement basis, up to 4,800,000 common shares of the Company (the \"Offered Shares\") at a price of $1.15 per Offered Share (the \"Issue Price\"), for aggregate gross proceeds of up to $5,520,000 (the \"Brokered Offering\"). In addition, West Vault intends to complete a concurrent non-brokered private placement of common shares of the Company with two major shareholders (the \"Non-Brokered Private Placement\") to raise an additional $10,183,250 through the issuance of 8,855,000 common shares at the Issue Price for aggregate gross proceeds of $15,703,250. All amounts herein are reported in Canadian dollars.The Company has granted the Agents an option (the \"Over-Allotment Option\"), exercisable in whole or in part by the Agents, to sell up to an additional 15% of the Offered Shares sold on the same terms as the Brokered Offering until the closing date of the Brokered Offering (the \"Closing Date\").The Company intends to use the net proceeds of the Brokered Offering and the Non-Brokered Private Placement (together the \"Financings\") to fund the cash consideration payable to complete the purchase of a 25% interest in the Hasbrouck Gold Project (also announced today under separate news release), to fund continued work on the Hasbrouck Gold Project and for general working capital purposes. The Agents will be paid a cash fee equal to 6% of the gross proceeds from the sale of the Offered Shares, including Offered Shares issued pursuant to the exercise of the Over-Allotment Option, if any, and will also receive non-transferable warrants upon closing of the Brokered Offering entitling them, for a term of 24 months, to purchase common shares equal to 6% of the aggregate number of Offered Shares issued at an exercise price per share equal to the Issue Price.The Financings are subject to the approval of the TSX Venture Exchange (the \"Exchange\") and all of commo...