more news: financingMaple Minerals to raise up to $2.52-million privately
Maple Minerals Corp (TSX-V:MPM)
Shares Issued 26,651,519
Last Close 6/7/2005 $1.55
Tuesday June 07 2005 - News Release
Mr. L.M. Falzone reports
MAPLE MINERALS ANNOUNCES FINANCINGS
Maple Minerals Corp. intends to complete a series of financings to raise gross proceeds of up to $2,525,080. Pursuant to the financings, Maple will issue up to 1.5 million flow-through common shares at a price of $1.35 per share in a brokered private placement to raise gross proceeds of up to $2,025,000, and up to 357,200 units (which are not flow-through) at a price of $1.40 per unit in a non-brokered private placement to raise gross proceeds of up to $500,080.
Dundee Securities has agreed to act as agent on a best-efforts basis in connection with the offering of the flow-through common shares, pursuant to which it will receive a cash commission and such number of broker warrants as is equal to 6 per cent of the total number of flow-through common shares sold pursuant to the offering. Each broker warrant will entitle the holder to acquire one common share of Maple at a price of $1.35 for a period of 24 months.
Each unit issued in the non-brokered private placement will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of Maple at an exercise price of $1.50 per share for a period of 12 months following the date of issuance.
The securities issued pursuant to the above-noted financings will have a hold period expiring four months and one day from the date of closing. Closing is expected on or about June 17, 2005. Proceeds of the sale of the flow-through common shares will be used for exploration of Maple's Canadian properties with an anticipated focus on its Shebandowan group of claims located 120 kilometres west of Thunder Bay, Ont. Two claim groups (Hamlin and Deaty) of the Shebandowan group of claims are on strike to the recently announced copper-zinc massive sulphide discovery by Freewest Resources. Proceeds of the sale of the units will be used for general corporate purposes. Completion of the financings is subject to approval of the TSX Venture Exchange.