08:05:19 EDT Fri 29 Mar 2024
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Alchemist closes $689,000 1st tranche of financing

2018-12-14 09:03 ET - News Release

Mr. Dave Gdanski reports

ALCHEMIST MINING CLOSES FINANCING

Alchemist Mining Inc. has closed the first tranche of its non-brokered private placement offering, as previously announced on Sept. 25, 2018, for total gross proceeds of $689,000.

Alchemist Mining has allotted and issued 13.78 million units at a price of five cents per unit. Each unit comprises one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company for a period of up to 12 months at a price of 7.5 cents. In addition, the company has paid finders' fees totalling $7,150 and issued 143,000 finders' warrants. Each finder's warrant is exercisable into one common share for a period of up to 12 months at a price of 7.5 cents.

The company will use the proceeds from the private placement toward the closing acquisition of a 100-per-cent interest in the Oddysee software platform and general working capital. The company anticipates completing the last tranche of the private placement in the coming weeks.

We seek Safe Harbor.

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