Ms. Negar Adam
reports
MAKENA PRIVATE PLACEMENT UPDATE
Makena Resources Inc. has provided an update on the status of its non-brokered private placement that was previously announced on June 22, 2015, July 14, 2015, Aug. 11, 2015, and Sept. 9, 2015. The company closed the first-tranche closing, which consisted of the issuance of a total of 10.4 million common shares at a price of 2.5 cents per common share for gross proceeds of $260,000. The company has requested and received a further 30-day extension from the TSX Venture Exchange to close the remainder of the private placement.
Negar Adam, president of Makena, stateed: "We are in the process of obtaining documentation from several placees; therefore, we asked for an extension to receive the subscriptions in time. We have just recently received drill permits, and we look forward to commencing our first drill program shortly on this property, which directly borders Fission Uranium's PLS discovery."
Makena expects to close a second tranche of its non-brokered private placement, which would be for up to $600,000, at 2.5 cents per unit, which may consist of flow-through and non-flow-through units. Each flow-through unit consists of one flow-through common share and one transferable share purchase warrant exercisable at five cents for a period of five years. Each non-flow-through unit consists of one common share and one transferable share purchase warrant exercisable at five cents for a period of five years. The maximum finder's fee may be paid in accordance with TSX-V policy.
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