Stockwatch

District Mines Ltd (2)
Symbol	DIG
Shares Issued	12,889,152
Close 2023-05-02	C$ 0.065
Market Cap	C$ 837,795
Recent Sedar Documents

District Mines arranges $500,000 private placement

2023-05-03 13:23 ET - News Release

Chan Subject: District Mines Ltd. a{� €}" For Immediate News Release Dissemination [BLC-ACTIVE.FID1650696] PDF Document File: Attachment NR_May32023.pdf NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES District Mines Ltd. Announces Non-Brokered Private Placement Vancouver, British Columbia May 3, 2023 District Mines Ltd. ("District Mines" or the "Company") (NEX:DIG.H) announces a non-brokered private placement of up to 10,000,000 units of the Company (each a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.075 for a period of twelve (12) months from the closing of the Offering. Certain insiders of the Company may participate in the Offering. Any participation by insiders in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the Offering by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. All securities issued pursuant to the Offering are subject to a hold period of four months and a day from the date of the closing. The net proceeds from the Offering are intended to be used for working capital purposes and repayment of debt. Completion of the Offering is subject to final TSX Venture Exchange ("TSXV") approval. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the "United States" or to "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and all applicable state securities laws or compliance with an exemption from such registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. FOR FURTHER INFORMATION PLEASE CONTACT: Anthony Paterson (604) 910-1804 Anthonyp@Tkoconsulting.ca Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Statements This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, that the Company will receive all required regulatory and exchange approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement. Specific risks included that we may not obtain regulatory approval. General risks include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.