Mega Precious Metals Announces Pricing of Best Efforts Flow-Through Private Placement
10 Dicembre 2013 - 11:43PM
Marketwired
Mega Precious Metals Announces Pricing of Best Efforts Flow-Through
Private Placement
THUNDER BAY, ONTARIO--(Marketwired - Dec 10, 2013) - Mega
Precious Metals Inc. (TSX-VENTURE:MGP) ("Mega" or the "Company") is
pleased to announce that it has priced, together with Paradigm
Capital Inc., the lead agent on behalf of a syndicate of agents
(collectively, the "Agents"), its previously announced best efforts
private placement (the "Offering"). Pursuant to the Offering, the
Company will issue up to 12,500,000 common shares of the Company
that are "flow-through shares" within the meaning of the Income
Tax Act (Canada) (each, a "Flow-Through Share") at a price of
$0.12 per Flow-Through Share for aggregate gross proceeds of up to
C$1,500,000. The Agents will also have the option (the "Agents'
Option") to purchase such number of Flow-Through Shares as is equal
to 15% of the number of Flow-Through Shares issued pursuant to the
Offering. The Agents' Option is exercisable by the Agents up to 48
hours prior to the closing of the Offering.
As consideration for the services of the Agents in connection
with the Offering, the Agents will receive a commission equal to 6%
of the aggregate gross proceeds of the Offering and compensation
warrants, exercisable at any time for a period of 24 months
following the closing of the Offering to purchase Flow-Through
Shares for an amount equal to 6% of the total number of
Flow-Through Shares issued pursuant to the Offering, at an exercise
price equal to the offering price for such Flow-Through Shares.
The net proceeds of the Offering will be used to explore and
develop the Company's mineral properties located in the Province of
Manitoba.
The Offering is expected to close on or about December 20, 2013
and is subject to certain conditions typical for a transaction of
this nature and the receipt of all necessary regulatory approvals
including the approval of the TSX Venture Exchange.
Mega Precious Metals Inc. is a leading Canadian-based
exploration company with a high quality pipeline of projects
located in the mining friendly jurisdictions of Northwestern
Ontario, Manitoba and Nunavut. The Company's significant portfolio
includes the flagship Monument Bay Gold Tungsten Project in NE
Manitoba as well as the N. Madsen Gold Project in the prolific gold
mining district of Red Lake, Ontario. Mega has established a record
of delivering rapid growth through their focused and low cost
approach to exploration and resource development. The Company's
common shares trade on the TSX Venture Exchange under the symbol
MGP.
For further information and presentation material, please review
the Mega website at www.megapmi.com.
Forward-looking Statements
Certain statements in this press release contain information
that may constitute forward-looking information under applicable
Canadian securities legislation, including but not limited to,
information relating to the completion of the Offering and the use
of net proceeds. These forward-looking statements represent
management's best judgment based on current facts and assumptions
that management considers reasonable. The Company makes no
representation that reasonable business people in possession of the
same information would reach the same conclusions. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These risks
and uncertainties include, but are not limited to, the strength of
the global economy, fluctuations in the price of gold and
operational, funding and liquidity risks. Readers should not place
undue reliance on forward-looking statements. More information
about risks and uncertainties affecting the Company and its
business is available in the Company's filings which are posted on
sedar at www.sedar.com. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements
or to update the reasons why actual results could differ from such
information unless required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Mega Precious Metals Inc.Glen Kuntz, P.Geo.President, Chief
Executive Officer & Director807-766-3380 or Toll Free:
877-592-3380info@megapmi.comwww.megapmi.com
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