MPM closes $5,000,000 placementMaple Minerals raises $5-million privately
Maple Minerals Corp (TSX-V:MPM)
Shares Issued 31,525,633
Last Close 10/13/2005 $2.70
Thursday October 13 2005 - News Release
Mr. Sheldon Inwentash reports
MAPLE MINERALS CORP. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Maple Minerals Corp. has closed its previously announced (see news in Stockwatch Oct. 3, 2005) private placement of units to raise gross proceeds of $5-million. Pursuant to the financing, Maple issued two million units at a price of $2.50 per unit, each unit consisting of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Maple at an exercise price of $3.25 per share until Oct. 13, 2006. Sprott Asset Management purchased $4-million of the financing for which a finder's fee of $80,000 was paid to Kingsdale Capital Markets Inc.
The common shares and warrants comprising the units have a hold period expiring on Feb. 14, 2006. Proceeds of the sale will be used for exploration of the corporation's properties and general corporate purposes. Completion of the financing remains subject to the final approval of the TSX Venture Exchange.