Deal's proceeds earmarked for exploration and development activities
By Devika Patel
Knoxville, Tenn., Feb. 11 - Marifil Mines Ltd. said it will raise C$1 million in a non-brokered private placement of units. Insiders may participate.
The company will sell 20 million units of one common share and one warrant at C$0.05 per unit. Each warrant is exercisable at C$0.10 for five years. The strike price is a 100% premium to C$0.05, the Feb. 8 closing share price.
Sprott Private Wealth LP will be a finder.
Settlement is expected Feb. 25.
Proceeds will be used for exploration and development activities on the company's properties and for general working capital.
Marifil is a gold, silver, copper and indium exploration company based in Vancouver, B.C.
Issuer: | Marifil Mines Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | C$1 million
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Units: | 20 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | Feb. 11
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Settlement date: | Feb. 25
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Stock symbol: | TSX Venture: MFM
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Stock price: | C$0.05 at close Feb. 8
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Market capitalization: | C$2.89 million
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