- Margaret Lake Diamonds (DIA) has closed the first tranche of a non-brokered private placement for gross proceeds of $777,368
- The offering consists of 4,820,841 non-flow-through units and 683,000 flow-through units
- The gross proceeds from the sale of the FT offering will be contributed to the company’s share in its Joint Venture with Arctic Star Diamond Exploration
- Gross proceeds from the non-flow-through offering will be used for general administrative costs
- Margaret Lake Diamonds is a Canadian based mineral exploration company
- Margaret Lake Diamonds Inc. (DIA) is unchanged on the day, trading at C$0.135 per share at 11:15 am ET
Margaret Lake Diamonds (DIA) has closed the first tranche of a non-brokered private placement for gross proceeds of $777,368.
The offering consists of 4,820,841 units at a price of $0.14 per unit for gross proceeds of $674,918, Each unit consists of one common share and one share purchase warrant. Warrants can be exercised to acquire an additional common share for a period of 24 months
The company is also issuing 683,000 flow-through units priced at $0.15 per unit for gross proceeds of $102,450. Each FT unit comprises one FT common share and one NFT share purchase warrant. Each warrant is exercisable to acquire an additional NFT common share for 24 months.
The warrants are subject to an acceleration clause.
Finder’s fees of $16,413.60 cash, and 114,480 share purchase warrants are being paid to Canaccord Genuity Corp.
The gross proceeds of $102,450 from the sale of the FT offering will be contributed to the company’s share in its Joint Venture with Arctic Star Diamond Exploration. Gross proceeds from the non-flow-through offering will be used for legal, accounting and general administrative costs.
All securities issued are subject to a hold period expiring October 18, 2022.
Margaret Lake Diamonds is a Canadian based mineral exploration company. As part of its joint venture with Arctic Star Exploration, MLD holds an 18.5 per cent interest in the Diagras diamond project Northwest Territories property.
Margaret Lake Diamonds Inc. (DIA) is unchanged on the day, trading at C$0.135 per share at 11:15 am ET.