- Altaley Mining (ATLY) has announced a non-brokered private placement to raise gross proceeds of up to $5 million
- The company will issue up to 14,285,714 units at a price of $0.35 per unit
- The net proceeds will be used for expenses related to the start-up of operations at the Tahuehueto Mine
- Altaley Mining Corporation is a Canada-based mining company
- Altaley Mining Corporation (ATLY) opened trading at C$0.36 per share
Altaley Mining (ATLY) has announced a non-brokered private placement to raise gross proceeds of up to $5 million.
The company will issue up to 14,285,714 units at a price of $0.35 per unit. Each unit will consist of one common share and one half of one transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.55 for a period of two years following the closing of the private placement. Warrants are subject to an acceleration clause.
All securities issued will be subject to a four-month hold period under applicable Canadian securities laws.
Finder’s fees may be paid in connection with the offering.
The net proceeds will be used for expenses related to the start-up of operations at the Tahuehueto Mine and for general working capital purposes.
Ralph Shearing, Altaley’s CEO commented on the capital raise.
“This private placement gives the company security to know that we have enough capital to address any unforeseen possible start-up difficulties that may present themselves as the Tahuehueto gold mine ramps up to full capacity over the next three to six months.”
Altaley Mining Corporation is a Canada-based mining company with two 100 per cent owned Mexican gold, silver, and base metal mining projects.
Altaley Mining Corporation (ATLY) opened trading at C$0.36 per share.