Adyton Resources arranges $4-million private placement 0.05¢ 2021-12-03 09:59 ET - News Release
Mr. Frank Terranova reports
ADYTON RESOURCES ANNOUNCES $4 MILLION BROKERED PRIVATE PLACEMENT
Adyton Resources Corp. has entered into a letter engagement with Eight Capital, under which Eight Capital, acting as agent for the company, has agreed to offer for sale up to 80 million units of the company, on a best efforts private placement basis, at an issue price of five cents per unit for aggregate gross proceeds of up to $4-million, subject to all regulatory approvals.
Each Unit will be comprised of one common share in the capital of the Company (a "Share") and one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.06 per Share, for a period of 36 months following the closing of the Offering.
The Company has granted Eight Capital an over-allotment option to distribute up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part at any time within 48 hours prior to the closing of the Offering.
The Company intends to use the net proceeds of the Offering for exploration activity at the Fergusson Island and Feni Island projects, and for working capital and general corporate purposes.
The closing date of the Offering is scheduled to be on or about December 21, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About Adyton Resources Corp.
Adyton Resources is focused on the development of gold and copper resources in world class mineral jurisdictions. It currently has a portfolio of highly prospective mineral exploration projects in Papua New Guinea on which it is exploring for copper and gold. The Company's mineral exploration projects are located on the Pacific Ring of Fire which hosts several world class copper and gold deposits.
Adyton was formed by a reverse takeover transaction completed with XIB I Capital Corporation on February 17, 2021 and commenced trading on the TSX Venture Exchange under the symbol "ADY" on February 24, 2021.