Post by
NewsFlash10 on Jul 05, 2005 8:17pm
MPM closes $2,123,550 financing
Maple Minerals raises $2.12-million privately
Maple Minerals Corp (TSX-V:MPM)
Shares Issued 28,981,885
Last Close 7/5/2005 $1.34
Tuesday July 05 2005 - News Release
Mr. L.M. Falzone reports
MAPLE CLOSES $2.123 MILLION FINANCING
Maple Minerals Corp. has raised $2,123,550 pursuant to its financing originally reported in Stockwatch on June 7, 2005. In connection with the financing, Maple issued 1,573,000 flow-through shares at a price of $1.35 per flow-through share. Each flow-through share consists of one common share in the capital of Maple.
Securities issued pursuant to the financing have a four-month hold period, which expires on Nov. 6, 2005. Completion of the financing remains subject to the final approval of the TSX Venture Exchange.
Dundee Securities Corporation acted as agent in the financing and received a cash commission equal to 6 per cent of the gross proceeds, as well as broker warrants exercisable for 94,380 common shares of Maple at $1.35 per share until July 5, 2007.
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., Canada. 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 Inc.