Mr. Gurminder Sangha reports
LINEAR MINERALS CORP. ANNOUNCES PRIVATE PLACEMENT
Linear Minerals Corp. has arranged a proposed non-brokered private placement for total gross proceeds of up to $900,000. The private placement will consist of issuing up to eight million flow-through common shares at five cents per share for gross proceeds of $400,000. The balance of the private placement will comprise the issuance of 10 million hard-dollar common units at five cents per unit for gross proceeds of $500,000.
Each hard-dollar unit consists of one common share and one common share purchase warrant. Each hard-dollar warrant entitles the holder to purchase one common share at a price of 25 cents for a period of one year from the issue date.
In connection with the above-noted non-brokered private placement, a finder's fee of 6 per cent in cash will be paid to eligible finders in accordance with the policies of the Canadian Securities Exchange. Closing of the proposed private placement is subject to obtaining all required approvals, including from the CSE and any other regulatory approval. All securities issued pursuant to the private placement will be subject to a four-month-plus-one-day hold period under applicable securities laws.
The proceeds from the private placement will be used for general working capital and further exploration of its properties located in Quebec.
We seek Safe Harbor.
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