Toachi Mining (TIM-V) Announces $4 Million Bought Deal Offering
Nov 2nd 2016 - NR
Toachi Mining is pleased to announce that it has entered into an agreement with Beacon Securities Limited ("Beacon"), on its own behalf and on behalf of a syndicate of underwriters, pursuant to which the Underwriters shall purchase 10,000,000 common shares in the capital of the Company on a bought deal basis at a price of $0.40 per Offered Share for aggregate gross proceeds to the Company of $4,000,000.
In addition, the Company has granted the Underwriters an option (the "Underwriters' Option"), exercisable, in whole or in part by Beacon, on behalf of the Underwriters, by giving notice to the Company at any time up to 48 hours prior to the Closing Date (as defined below) to sell up to an additional number of Offered Shares at the Issue Price for additional gross proceeds of up to $600,000.
The net proceeds from the Offering is intended to be used to advance the Company's La Plata property in Ecuador and for working capital and general corporate purposes.
The closing of the Offering is expected to occur on or about November 22, 2016 (the "Closing Date") and is subject to the completion of formal documentation and receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four month hold period from the Closing Date in accordance with applicable Canadian securities laws. No new insiders are anticipated to be created, nor will there be any change of control as a result of the Offering.
About Toachi Mining Inc.
Toachi brings a disciplined and veteran team of project managers together with a high grade gold-copper-silver-zinc project at La Plata in Ecuador. Toachi is focused on and committed to the development of advanced stage mineral projects throughout the Americas using industry best practices combined with a strong social license from local communities. Toachi Mining has 40,933,270 shares issued and outstanding.
SOURCE Toachi Mining Inc.
Nick Tintor, President and CEO,
Telephone: 416 987 0855,
Email: ntintor@rgmi.ca
toachimining.com |
