Generation Mining (GENM-Cse) Closes Final Tranche of Non-Brokered Flow-Through Financing
Sept 6, '19 - NR
Generation Mining is pleased to announce that, further to its news release dated August 29, 2019, it has closed the second and final tranche of its previously announced non-brokered private placement financing (the "Offering") through the issuance of 417,460 flow-through common shares (the "Flow-Through Shares") at a price of $0.315 per Flow-Through Share for gross proceeds of $131,500. The Flow-Through Shares issued pursuant to the second tranche are subject to a statutory four month hold period ending on January 7, 2020 pursuant to applicable securities legislation.
The aggregate gross proceeds raised pursuant to the first and second tranches of the Offering was $1,942,750 through the issuance of 6,167,460 Flow-Through Shares. In total, the Company paid a cash finder's fee equal to 5% of the gross proceeds raised from subscribers introduced to the Company by a certain finder.
All proceeds from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses at the Company's Marathon properties in the Province of Ontario and qualify as "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) (the "Qualifying Expenditures"). The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2019.
The Company also announces that it has granted an aggregate of 200,000 options to purchase common shares of the Company exercisable at a price of $0.35 per share for a period of two years, to a consultant of the Company, in accordance with the terms of the Company's stock option plan.
About Generation Mining Limited
Generation Mining Limited is a precious and base metal exploration and development company with various property interests throughout Canada. Its primary business objective is to explore and further develop these properties, and to continue to increase its portfolio of base and precious metal property assets through acquisition. The Company's common shares trade on the Canadian Securities Exchange ("CSE") under the symbol GENM.
For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934
(416) 567-2440
jlevy@genmining.com |
