Dr. Jaap Verbaas reports
CAVU MINING CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT FINANCING
Cavu Mining Corp. has closed its previously announced private placement on an oversubscribed basis, raising gross proceeds of $610,000. The closing consisted of the issuance of 1,525,000 units at a price of 40 cents per unit.
Each unit consists of one common share and one-half common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company for a period of two years from the closing of the offering at an exercise price of $1. The warrants may be subject to an accelerated expiry, at the company's discretion, if the closing price of the company's shares is greater than $2 per share for a period of 10 consecutive trading days.
Finders' fees of $9,300 were paid and 23,250 finders' warrants were issued in connection with the offering. Each finder's warrant is exercisable at $1 for a period of two years from the closing date.
The proceeds raised from the offering are expected to be used for the company's continuing evaluation of potential acquisitions and for general working capital.
In accordance with applicable securities laws, the securities issued pursuant to the offering will be subject to a four-month hold period, expiring on July 27, 2021.
About Cavu Mining Corp.
Cavu Mining is a junior mining company engaged in the acquisition, exploration and development of mineral projects containing metals used in green technologies and the renewable-energy sector. The company is currently focused on the exploration of its Kitimat copper project in British Columbia and continues to evaluate complementary mineral projects in mining-friendly jurisdictions.
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