10:52:47 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



MX Gold Corp
Symbol MXL
Shares Issued 147,265,058
Close 2016-08-31 C$ 0.315
Market Cap C$ 46,388,493
Recent Sedar Documents

MX Gold closes $1.69-million private placement

2016-09-01 09:05 ET - News Release

Mr. Dan Omeniuk reports

MX GOLD CORP. CLOSES ANOTHER OVERSUBSCRIBED PRIVATE PLACEMENT

MX Gold Corp., further to its news release dated Aug. 23, 2016, closed a private placement and raised gross proceeds of $1,698,470 on Aug. 31, 2016. On the closing date, MX Gold issued 6,065,966 units at a price of 28 cents per unit, each unit consisting of one common share and one share purchase warrant, which entitles the holder to purchase one additional common share at a price of 50 cents for a period of three years.

An insider of the company subscribed for a total of 160,000 units under the financing, which is a related party transaction within the meaning of Multilateral Instrument 61-101 -- protection of minority securityholders in special transactions. The issuance to the insider is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b), as the company's shares are not listed on a specified market, and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration of the shares issued to the related party did not exceed 25 per cent of the company's market capitalization.

In connection with the closing of the financing, MX Gold paid cash finders' fees of $20,627 and issued 73,669 finders' warrants, which had the same terms as warrants issued in the financing. All securities issued in connection with the financing are subject to a statutory hold period expiring on Jan. 1, 2017.

About MX Gold

MX Gold is focused on the mining, exploration and development of advanced projects located in the Kootenay region of British Columbia. The company's primary focus is its high-grade Willa gold and copper project located 12 kilometres south of Silverton, B.C.

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