Minera Alamos (MAI-V) May 16, '16 is pleased to announce the closing of the final tranche of the previously announced non-brokered private placement for gross proceeds of $1,980,000. Together with the first two tranches of the private placement closed in May and April, the Company has raised, in aggregate, $4,000,000.
"We are moving forward aggressively on our work at our recently acquired La Fortuna gold project and expect to have permits in hand on both of our Mexican development projects by early next year," said Chris Frostad, Chief Executive Officer of Minera Alamos Inc. "This financing provides adequate funds to move us beyond a construction decision."
In connection with the closing of the final tranche of the private placement, the Company has issued, 19,800,000 common share units ("Units") at a price of $0.10 per Unit with each unit consisting of one common share in the capital of the Company and one half (1/2) of a common share purchase warrant. Each whole warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share for a period of 36 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the private placement.
Darren Koningen, a director and President of the Company, participated in the final tranche of the private placement as an investor and subscribed 2,779,760 Units for $277,976. Chris Frostad, a director and CEO of the Company, also participated in the final tranche of the private placement as an investor and subscribed 1,000,000 Units for $100,000. By virtue of such participation by the insiders, the private placement constitutes a related party transaction under applicable securities laws. Neither independent valuation nor minority shareholder approval was required to complete the related party transaction because the Company relied on exemptions from both requirements under applicable securities laws.
In connection with the final tranche closing of the private placement, the Company paid IBK Capital Corp., the agent of the Company in connection with the private placement, and its sub-agents agent's fees consisting of $143,800 (plus applicable taxes and disbursements) in cash and issued 1,438,000 non-transferable agent's compensation warrants. Each compensation warrant entitles its holder to purchase one Unit of the Company at an exercise price of $0.10 per Unit for a period of 36 months after the date of issuance.
All securities issued in connection with the final tranche closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of September 14, 2016.
The proceeds of the private placement will be used by the Company to fund a portion of the development of its Mexican projects and for working capital purposes.
About Minera Alamos
Minera Alamos is a junior exploration and development company. Its growing high-grade Mexican portfolio currently includes the La Fortuna open pit gold project in Durango and the Los Verdes open pit copper-molybdenum project in Sonora, both currently in development.
Minera Alamos Inc.
Chris Frostad
(416) 306-0990
www.mineraalamos.com
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May 6, '16 - NR
Norvista Capital (NVV-V) today announces that it acquired, together with Norvista Capital I Limited Partnership (the "LP"), an aggregate of 5,000,000 units (the "Units") of Minera Alamos (MAI-V) pursuant to a non-brokered private placement at a price of $0.10 per Unit. Each Unit was comprised of one common share and one-half (½) of one common share purchase warrant (each whole such warrant, a "Warrant") of Minera. Each Warrant entitles the holder thereof to acquire one additional common share of Minera at a price of $0.15 at any time prior to May 4, 2019. The LP, which is managed by the Company, invests alongside Norvista on a pro rata basis in qualifying investments.
Prior to the transaction, Norvista owned 6,750,000 common shares of Minera representing approximately 11.7% of the issued and outstanding common shares of Minera. Upon completion of the transaction, the 11,750,000 common shares owned or controlled, directly or indirectly, by Norvista represent approximately 18.3% of Minera's issued and outstanding common shares on a non-diluted basis, and approximately 29.17% on a partially-diluted basis (assuming exercise of Norvista's and the LP's convertible securities). Depending on market and other conditions, or as future circumstances may dictate, Norvista may from time to time increase or decrease its holdings of common shares or other securities of Minera.
This news release is issued pursuant to National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report in respect of this transaction will be available on Minera's issuer profile on SEDAR at www.sedar.com.
For further information about Norvista or the LP contact:
Norvista Capital Corporation
141 Adelaide St. W., Suite 1660
Toronto, Ontario M5H 3L5
Tel: (416) 504-4171
Don Christie, President and CEO
dchristie@norvistacapital.com |
