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Minnova Corp
Symbol MCI
Shares Issued 40,132,984
Close 2021-01-25 C$ 0.415
Recent Sedar Documents

Minnova closes $300K hard-dollar portion of placement

2021-01-25 17:46 ET - News Release

Mr. Gorden Glenn reports

MINNOVA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Further to the press release of Jan. 7, 2021, Minnova Corp. has closed the hard-dollar portion of its previously announced non-brokered private placement, through the issuance of 1.2 million units at a price of 25 cents per unit for gross proceeds of $300,000.

Each unit is composed of one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one common share at a price of 35 cents per common share until Jan. 25, 2023, provided that, in the event the closing price at which the common shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the common shares may trade at the applicable time) exceeds 55 cents for 20 consecutive trading days at any time following May 26, 2021, the company may accelerate the warrant term such that the warrants shall expire on the date which is 30 business days following the date a press release is issued by the company announcing the reduced warrant term.

In connection with the offering, the company paid certain eligible persons: (i) a cash commission in the aggregate of $8,232; and (ii) an aggregate of 32,928 broker warrants. Each broker warrant is exercisable into common shares at a price of 35 cents per common share until Jan. 25, 2023.

All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

About Minnova Corp.

Minnova is an emerging Canadian gold producer focused on restarting the PL gold mine and expanding gold resources on its PL and Nokomis gold deposits. The company has completed a positive feasibility study in support of restarting the PL mine at an average annual production rate of 46,493 ounces over a minimum five-year mine life. The resource remains open to expansion, and surface exploration work programs have targeted, and will continue to target, resource expansion. The PL gold mine has a relatively short preproduction timeline forecast at 15 months, benefits from a valid underground mining permit (Environment Act 1207E), an existing processing plant and over 7,000 metres of developed underground ramp to minus-135-metre depth, is fully road accessible, and is close to existing mining infrastructure in the prolific Flin Flon-Snow Lake greenstone belt of central Manitoba.

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