VANCOUVER, British Columbia, Dec. 13, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp.(USGDF) (“American Pacific” or “the Company”) is pleased to announce the closing of its oversubscribed non-brokered private placement (the “Private Placement”) raising gross proceeds of $10,146,000 through the issuance of 10,146,000 units (the “Units”) at $1.00 per Unit.
Each Unit consists of one common share (each a “Share”) of the Company and one-half of one transferable warrant (each whole warrant a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional Share of the Company at an exercise price of $1.40 for a period of 24 months (the “Expiry Date”) from the closing, subject to earlier expiry of the exercise period if, at any time after four months from closing, the closing price of the Shares is greater than $2.00 for ten (10) or more consecutive trading days (the “Accelerated Expiry Provisions”).
The Company paid finder’s fees of $649,320 and 649,320 finder’s warrants (the “Finder’sWarrants”) to Clarus Securities Inc., PI Financial Corp., Leede Jones Gable Inc. and Canaccord Genuity Corp. The Finder’s Warrants are non-transferable, exercisable at $1.40 per Share until the Expiry Date and are subject to the Accelerated Expiry Provisions.
All securities issued pursuant to the Private Placement are subject to a four-month hold period.
The Company intends to use the proceeds from the Private Placement for exploration drill programs at the Company’s Gooseberry Silver-Gold project and Tuscarora Gold-Silver project, both in Nevada, plus potential strategic acquisitions and general working capital.
About American Pacific Mining Corp.(USGDF)