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Now is the time to build a position.
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Transatlantic Mining arranges $10-million financing
2017-05-17 13:17 ET - News Release
Mr. Bernie Sostak reports
TRANSATLANTIC MINING CORP. ANNOUNCES FINANCING OF CAD $10 MILLION TO PURCHASE THE US GRANT MINE AND FURTHER DEVELOP MINING ACTIVITIES MADISON COUNTY
Transatlantic Mining Corp.'s board of directors has resolved to raise $10-million to purchase and advance the U.S. Grant mine.
Details:
- 50 million new units at 20 cents;
- A unit comprising one common share and one-half of one common share purchase warrant; each whole warrant will be exercisable at 30 cents with a two-year expiry;
- The placement is scheduled to close on June 14, 2017.
The proceeds will be used as shown in the attached table.
Purchase U.S. Grant mine ($1.7M (U.S.)) $2.3M Develop mine access to the mineralization $1.0M Purchase new mining equipment $2.0M Resource definition drilling $1.5M Kearsage due diligence $0.5M Working capital $2.7M Total $10M
Chief executive officer Bernie Sostak intends on converting his $1-million short-term loan facility into equity as part of the placement.
The closing of the offering is expected to occur on or about June 14, 2017, and is subject to receipt of all necessary regulatory approvals. The units, including all underlying securities thereof, and any broker warrants issued with respect to the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. Finders' fees or commissions may be payable by the company in connection with this private placement. The offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
About Transatlantic Mining Corp.
Transatlantic Mining is an emerging precious and base metal explorer and developer. The company has a focus on operating in stable mining jurisdictions. The company is engaged in controlling and owning mineral properties interests, such as the 80-per-cent-owned Monitor copper-gold project in Idaho (United States).
In January, 2016, the company entered a lease/purchase option agreement on 100 per cent of the U.S. Grant gold-silver mine and mill project in Montana (U.S.).