- District Metals Corp. (DMX) has closed its brokered private placement with Haywood Securities Inc.
- It raised aggregate gross proceeds of $1.8 million
- District Metals issued a total of 7.2 million units at a price of $0.25 per unit
- The net proceeds will be used for exploration at the Tomtebo property, and for working capital and general corporate purposes
- District Metals Corp. (DMX) is unchanged trading at $0.22 per share as of 3:17 p.m. EST
District Metals Corp. (DMX) has closed its previously announced brokered private placement with Haywood Securities Inc.
It raised aggregate gross proceeds of $1.8 million.
District Metals issued a total of 7.2 million units at a price of $0.25 per unit.
Garrett Ainsworth, President & CEO of District Metals, commented on the financing.
“This funding will allow us to continue the ongoing phase II exploration program at our high grade polymetallic Tomtebo property located in the Bergslagen mining district of south-central Sweden planned to re-commence in early-2022.”
Each unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant.
Each warrant will entitle the holder to acquire one common share in the capital at $0.35 share for a period of 24 months from the closing date.
The net proceeds will be used for exploration at the Tomtebo property, and for working capital and general corporate purposes.
“We are eager to continue advancing the highly prospective Tomtebo property with a focus on defining the high grade polymetallic Steffenburgs zone,” said Ainsworth.
The agent involved received a cash commission of up to six per cent of the gross proceeds raised and was issued an aggregate of 358,320 compensation options.
Each compensation option entitles the holder to purchase one unit at a price of $0.25 per unit for two years from the date of issuance.
District Metals Corp. (DMX) is unchanged trading at $0.22 per share as of 3:17 p.m. EST.