Smash completes $7.74-million private placement
2011-08-04 10:46 ET - News Release
Shares issued 17,496,700
SSH Close 2011-08-03 C$ 1.27
Mr. Adrian Fleming repors
SMASH MINERALS CLOSES $7,749,049 PRIVATE PLACEMENT
Smash Minerals Corp. has closed its brokered private placement (previously announced in its news release of June 27, 2011) and issued an aggregate 6,779,690 common shares (4,202,500 flow-through common shares at $1.20 per common share and 2,577,190 non-flow-through common shares at $1.05 per common share) for gross proceeds of $7,749,049.50.
The company engaged NCP Northland Capital Partners Inc., together with Fraser Mackenzie Ltd. and Fox Collins Securities Inc. as selling group members, to act as its agent in connection with the private placement. The company paid commissions of up to 7 per cent of the gross proceeds of the private placement, and issued compensation options to the agent, members of the selling group and certain finders to acquire up to 474,578 common shares of the company at a price of $1.20 per share until Feb. 4, 2013.
All of the common shares issued under the private placement, including the compensation options, and all of the common shares issuable upon exercise of the compensation options are subject to statutory and TSX Venture Exchange-imposed resale restrictions expiring on Dec. 5, 2011.
The proceeds of the private placement will be used to accelerate the advancement of the company's gold exploration project -- the Whiskey property in the Yukon. |
