Magnum Goldcorp (MGI-V) Nov 22, '17 has extended the closing of its non-brokered private placement as announced on Sept. 8, 2017, which closing (tranche 2) is anticipated for next week (the week of Nov. 27, 2017). As a result and subject to regulatory approval, the company intends to proceed with a flow-through and a non-flow-through non-brokered private placement. Under the flow through private placement (the "FT Private Placement"), the Company intends to raise up to $265,000 by the issuance of approximately 4,400,000 flow through shares (the "FT Shares") at $0.06 per FT Share. Under the non-flow through private placement (the "NFT Private Placement"), the Company intends to raise up to $535,000 by the issuance of approximately 10,700,000 non-flow through units (the "NFT Units") at $0.05 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 2 years at an exercise price of $0.10. With respect to these private placements, the Company may pay finders' fees in the amount of 10%, 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% of the LH Property. The LH Property is a gold exploration property consisting of 19 contiguous crown granted claims and 7 mineral claims, located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 8 km south of Silverton and then via Red Mountain Road for 2 km and a four-wheel drive road along Fingland Creek for 5 km.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922 2030 or visit the company's website at www.magnumgoldcorp.com.
Magnum Goldcorp Inc.
"Douglas L. Mason"
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Douglas L. Mason, CEO |
