- Major Precious Metals (SIZE) is issuing 28,600,000 units through a non-brokered private placement
- Units are priced at C$0.35 per unit for gross proceeds of C$10,000,000
- The company may pay Finders Fees to applicable finders and the offering may be closed in one or more tranches
- Major Precious Metals is a Canadian junior mining company
- Major Precious Metals Corp. is unchanged, trading at C$0.38 per share at 11:40 am ET
Major Precious Metals (SIZE) is issuing 28,600,000 units through a non-brokered private placement.
Units are priced at C$0.35 per unit for gross proceeds of C$10,000,000. Each unit consists of one common share and one half of one common share purchase warrant.
Each whole warrant entitles the holder to purchase one additional common share at a price of C$0.70.
Tony Williams, Chairman and CEO of Major Precious Metals commented,
“This injection of additional capital together with the ongoing combination of warrants and options being exercised by existing long-term shareholders will serve to continue to finance the extensive drilling and economic evaluation of the company’s Skaergaard Project in Greenland, as has been well documented and previously announced by the company.
I am pleased to say that we have already received firm commitments of C$5,000,000 for the offering from these same long-term shareholders, who we would like to thank wholeheartedly for their commitment and vision as to the value creation that has already occurred over the past 6 months since the company acquired the Skaergaard Project.
Skaergaard has been effectively dormant for over a decade and we are relaunching at a time of buoyant precious metal prices, and we believe we can add further significant value as we progress the Skaergaard Project along the Mine Development Cycle over the coming months.”
The securities issued pursuant to the offering will be subject to a four-month hold period from the closing date. The closing of the offering is subject to a number of conditions including approval by the Canadian Securities Exchange.
The company may pay Finders Fees to applicable finders and the offering may be closed in one or more tranches.
Proceeds will be used to progress exploration and evaluation of the company’s Skaergaard Project and for general working capital purposes.
Major Precious Metals is a Canadian junior mining company. The company’s flagship project is the Skaergaard Project in Greenland containing one of the largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa.
Major Precious Metals Corp. is unchanged, trading at C$0.38 per share at 11:40 am ET.