Mega Precious Metals Announces Completion of Best Efforts Flow-Through Private Placement
20 Dicembre 2013 - 8:12PM
Marketwired
Mega Precious Metals Announces Completion of Best Efforts
Flow-Through Private Placement
THUNDER BAY, ONTARIO--(Marketwired - Dec 20, 2013) - Mega
Precious Metals Inc. (TSX-VENTURE:MGP) ("Mega" or the "Company") is
pleased to announce that it has completed a previously announced
best efforts private placement of 12,295,075 common shares of the
Company (the "Offering") 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 C$1,475,409 through a syndicate of
agents led by Paradigm Capital Inc. and including, PowerOne Capital
Markets Limited and M Partners Inc. (the "Agents").
As consideration for the services of the Agents in connection
with the Offering, the Agents received 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 common 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 Company has also completed the "President's List" portion of
the Offering, representing 329,332 Flow-Through Shares at a price
of $0.12 per Flow-Through Share, for aggregate gross proceeds of
$39,520, on the same terms as the Offering.
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 Flow-Through Shares and the compensation warrants issued
pursuant to the Offering will be subject to a four-month hold
period under applicable securities laws in Canada.
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 & DirectorO: 807-766-3380TF:
877-592-3380info@megapmi.com
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