Tosca Mining (TSQ-V) closes $265,000 first tranche
Dec 17, 2013 - News Release
Tosca Mining Corp. has received final approval from the TSX Venture Exchange on Dec. 13, 2013, for the first tranche of its previously announced non-brokered private placement (announced Oct. 29, 2013). Terms of the financing are five cents per unit with each unit consisting of one common share and one share purchase warrant which is non-transferable. Each warrant is exercisable at a price of 7.5 cents per share for a period 12 months after closing and at a price of 10 cents for an additional period of 12 months thereafter. To date $265,000 has been received for an issuance of 5.3 million units.
All securities issued under the first tranche of the private placement are subject to a statutory hold period expiring on April 13, 2014, in accordance with applicable Canadian securities laws.
The company paid a total of $7,350 and issued 245,000 warrants to Canaccord Genuity Corp., Richardson GMP Ltd. and Donald & Co. Ltd. as finders' fees on a portion of the first tranche. The terms of these warrants are the same as those of the financing. Insiders participated for $27,500 of the financing.
Proceeds from the placement will be utilized for initial work on its recently optioned Carol copper project located in Sonora, Mexico, and for general working capital. |
