Business
China Minerals Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2017) - China Minerals Mining Corp...
About this update from Wildsky Resources Inc.
[{"type":"text","content":"China Minerals Announces Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 28, 2017) - China Minerals Mining Corporation (TSXV: CMV) (OTC Pink: HWTHF) (\"China Minerals\" or the \"Company\") is pleased to announce a non-brokered, private placement (the \"Offering\") of up to 7,270,000 units (the \"Units\") of the Company at a price of $0.20 per Unit for gross proceeds of $1,454,000 if the entire Offering is sold. Each Unit is comprised of one common share and one share purchase warrant (a \"Warrant\"). Each Warrant will be exercisable into a common share (a \"Warrant Share\") in the capital of the Company at a price of $0.30 per Warrant Share up to 5:00 pm (Vancouver time) on the second anniversary of the date of issuance of the Units. Finder's fees may be paid in conjunction with the Offering. The Company intends to use the net proceeds from the Offering for general working capital.The Company anticipates that certain directors and officers of the Company will participate in the Offering and, as such, the Offering will be a related party transaction as such term is defined in TSX Venture Exchange Policy 5.9 and Ontario Securities Commission Multilateral Instrument 61-101 (\"MI61-101\"). Wenhong Jin, President of the Company, intends to subscribe for 300,000 Units (2.02% of the Company's issued and outstanding common shares on closing). Ke Feng Yuan, CFO of the Company, intends to subscribe for 220,000 Units (1.48% of the Company's issued and outstanding common shares on closing). Zheng Zhou, director of the Company, intends to subscribe for 1,500,000 Units. Mr. Zhou is the sole shareholder of both Sky Ocean Venture Investment Limited (\"SkyOcean\") and China Mineral Holdings Limited (\"CMH\"). Prior to closing of the Offering, SkyOcean and CMH collectively hold 44.22% of the issued and outstanding common shares in the capital of the Company making Mr. Zhou the Company's Control Person. After giving effect to the Offering, Mr. Zhou will hold, directly and indirectly, 32.68% of the issued and outstanding common shares in the capital of the Company. The Offering is exempt from the requirements for a formal valuation set out in Section 5.4 of MI61-101 since the transaction is a distribution of securities for cash and neither the Company neither, to the knowledge of the Company after reasonable inquiry, Mr. Zh...