| Magnum Goldcorp (MGI-V) Sept 8, '17 has arranged flow-through and non-flow-through non-brokered private placement. Under the flow-through private placement, the company intends to raise up to $480,000 by the issuance of eight million flow-through shares at six cents per FT share. Under the non-flow-through private placement, the company intends to raise up to $400,000 by the issuance of eight million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of two years at an exercise price of 10 cents. With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT Units, based on the sale of the FT Shares and NFT Units purchased by subscribers introduced to the company by such finders. The company intends to use the proceeds from these private placements to further exploration on its LH property and for general working capital purposes. As announced April 27, 2016, Magnum now owns 100 per cent of the LH property. The LH property is a gold exploration property consisting of 19 contiguous Crown-granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the East side of Slocan Lake. Access to the LH Property is via Highway 6 for eight kilometres south of Silverton and then via Red Mountain Road for two kilometres and a four-wheel drive road along Fingland Creek for five kilometres. |
