03:40:15 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Minera Alamos Inc
Symbol MAI
Shares Issued 6,450,650
Close 2015-07-03 C$ 0.105
Market Cap C$ 677,318
Recent Sedar Documents

Minera Alamos closes $119,359 second tranche

2015-07-08 16:32 ET - News Release

Mr. Chris Frostad reports

MINERA ALAMOS INC. CLOSES SECOND TRANCHE AND INCREASES BROKERED PRIVATE PLACEMENT TO $335,000

Minera Alamos Inc. has closed the second tranche of a brokered private placement financing with IBK Capital Corp. The aggregate gross proceeds of the private placement has now been increased to $335,000.

In this second tranche, the company issued 1,193,598 units at a price of 10 cents per unit for gross proceeds of $119,359.80. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of 10 cents per share for a period of four years from the closing of the offering. The final tranche of $80,000 will close early next week.

In connection with the closing of the private placement, the company paid IBK Capital $9,548.78 in cash fees and issued 95,458 non-transferable compensation options. Each compensation option entitles its holder to purchase one common share in the capital of the company at an exercise price of 10 cents per share for a period of 48 months after the closing date.

As certain directors and officers of the company are participating in the private placement, this private placement constitutes a related-party transaction under Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9. The company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, based on a determination that the securities of the company are listed on the TSX-V only and that the fair market value of the private placement, insofar as it involved interested parties, does not exceed 25 per cent of the market capitalization of the company at the time the private placement was agreed to. No new insiders have been created, nor has there been any change of control as a result of the private placement. The company did not file a material change report 21 days prior to the closing of the private placement, which the company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the offering in an expeditious manner.

This offering was carried on a private placement basis pursuant to prospectus exemptions of applicable securities laws, and is subject to final acceptance by the TSX-V.

All securities issued in connection with this tranche are subject to a four-month-and-one-day hold period expiring on Nov. 9, 2015, pursuant to applicable securities legislation and the rules of the TSX-V.

The proceeds of the private placement will be used by the company to evaluate an initial production decision on the corporation's Los Verdes copper and molybdenum project in Sonora, Mexico, and for general working capital purposes.

About IBK Capital Corp.

IBK Capital is an independent and privately owned investment banking firm based in Toronto, which offers a full range of financial advisory services. Such services include private placements of equity and debt, going public by way of reverse takeover, merger, acquisition and divestiture advisory services, valuations, fairness opinions, and takeover defence planning.

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