Millstream arranges $150,000 private placement Millstream arranges $150,000 private placement
Millstream Mines Ltd (2) (C:MLM)
Shares Issued 41,763,620
Last Close 6/30/2016 $0.065
Monday July 4 2016 - News Release
Mr. Ernest Harrison reports
MILLSTREAM UNDERTAKES FINANCING
Millstream Mines Ltd. has arranged a non-brokered private placement for total proceeds of $150,000 composed of a non-flow-through-share issuance. The terms of the Offering are a maximum issuance of 3,000,000 Units of common shares at a price of $0.05 per Unit in the capital stock of Millstream. Each unit shall be comprised of one (1) common voting share and a one common voting share purchase warrant. Each purchase warrant will entitle the holder to purchase one (1) additional common voting share for a period of one (1) year at a price of $0.10.
All common share purchase warrants issued under the private placement are subject to an accelerated expiry provision. Should the closing price of Millstream common shares on the TSX Venture Exchange be equal to or greater than $0.20 for 10 consecutive trading days any time after the initial hold period of four months for this particular share placement, Millstream may accelerate the expiry date of the warrants by giving notice to the warrant holders through the issuance of a press release. The warrants will expire on the 30th day after the date on which such notice is given. This Offering is subject to regulatory approval and will carry a requisite four month hold period from the date of closing. A commission or finders' fee of up to 10% may be paid by the Company in connection with the Offering.
The proceeds from this financing will mainly be used for the test drilling of the geophysical anomalies discovered by the ground magnetometer survey ("MAG") of 2007 carried out at its Tamarack Gold Property (see PR dated Oct. 13, 2015 and the following link to results: https://www.millstreammines.com/minemag2.JPG). Some proceeds from the Offering will be used for general corporate purposes.
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