By Laura Lutz
Des Moines, Aug. 24 - Morgain Minerals Inc. arranged a C$1.3 million brokered private placement of units and a C$700,000 non-brokered private placement of units.
The brokered deal includes 3,714,286 units at C$0.35 each, and the non-brokered deal includes 2 million units at C$0.35 each.
In both deals, the units consist of one share and one warrant, with each warrant exercisable at C$0.50 for two years.
Canaccord Capital Corp is the agent for the brokered deal.
The proceeds will be used for working capital, to initiate a 43-101 compliant mineral resource estimate for the company's La Fortuna Gold Project and to advance the Castillo Gold Project.
Morgain Minerals is a Vancouver, B.C.-based resource exploration company with properties in Mexico.
Brokered placement
Issuer: | Morgain Minerals Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$1.3 million
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Units: | 3,714,286
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Price: | C$0.35
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50
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Placement agent: | Canaccord Capital Corp.
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Announcement date: | Aug. 24
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Stock symbol: | TSX Venture: MGM
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Stock price: | C$0.30 at close Aug. 23
|
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Non-brokered placement
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Issuer: | Morgain Minerals Inc.
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Issue: | Units of one share and one warrant
|
Amount: | C$700,000
|
Units: | 2 million
|
Price: | C$0.35
|
Warrants: | One per unit
|
Warrant expiration: | Two years
|
Warrant strike price: | C$0.50
|
Placement agent: | Non-brokered
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Announcement date: | Aug. 24
|
Stock symbol: | TSX Venture: MGM
|
Stock price: | C$0.30 at close Aug. 23
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