What is it with these PP and dirt cheap 3 cents ?????? . ADD did the same thing so cheap paper down the road . Well they do have 2 other properties and hey ADD hits Diamonds we laughing . Read On .
Margaret Lake Diamonds closes private placement
2021-05-11 17:55 ET - News Release
Mr. Neil Foran reports
MARGARET LAKE DIAMONDS INC. ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Margaret Lake Diamonds Inc. (MLD) has closed its non-brokered private placement as announced by news release dated April 26, 2021.
The closing comprises five million units of the company at a price of three cents per unit. Each unit consists of one common share of the company and one transferrable share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of eight cents for term of two years following closing, May 11, 2023. The warrants are subject to a acceleration clause. Net proceeds from the offering are expected to be used for exploration of the Old Nick and Letain nickel-cobalt properties and working capital requirements.
The transaction constituted a related party transaction within the meaning of Multilateral Instrument 61-101 as a policy of the TSX Venture Exchange, there were directors and insiders of the company that participated and together subscribed for an aggregate of 2.37 million funds pursuant to the offering. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.
The closing of offering is subject to final approval from the TSX Venture Exchange. There will be a hold period of four months and one day on all securities issued under this financing.
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