Great demand Toachi Mining Increases Bought Deal Offering to $5.3 million
TORONTO, Nov. 2, 2016 - Toachi Mining Inc. ("Toachi" or the "Company") (TSXV-TIM) is pleased to announce that in conjunction with the previously announced bought deal offering (the "Bought Deal Offering") of common shares (the "Bought DealShares") conducted by a syndicate of underwriters (the "Underwriters") led by Beacon Securities Limited ("Beacon"), it intends to complete a concurrent private placement financing arranged by Primary Capital Inc. to sell up to an additional 3,250,000 common shares in the capital of the Company (the "Concurrent Shares", and together with the Bought Deal Shares, the "Offered Shares") conducted on the same terms as the Bought Deal Offering to eligible placees for additional aggregate gross proceeds to the Company of up to $1,300,000 (the "Concurrent Offering", and together with the Bought Deal Offering, the "Offering").
In addition, the Company and Beacon, on behalf of the Underwriters, have amended the terms of the Bought Deal Offering. Under the amended terms, the Company has granted the Underwriters an option (the "Underwriters' Option"), exercisable, in whole or in part by Beacon, on behalf of the Underwriters, by giving notice to the Company at any time up to 48 hours prior to the Closing Date (as defined below) to sell up to an additional number of Bought Deal Shares at $0.40 per Bought Deal Share for additional gross proceeds of up to $700,000.
In the event the Underwriters' Option is exercised in full, the aggregate gross proceeds to the Company under the Offering shall be up to $6,000,000.
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