Kirkland Lake, Ontario: Mistango River Resources Inc. (CNSX: MIS) (GLRAF: OTC) (“Mistango”) reports that it has closed its previously announced non-brokered private placement pursuant to which it has issued 1,666,666 units of securities (each, a “Unit”) issued on a “flow-through” basis at a price of $0.30 per Unit for gross proceeds of $500,000 (the “Offering”). Each Unit comprised one Class A Voting Common Share of the Corporation and one-half of one Class A Voting Common Share purchase warrant of the Corporation (each such whole purchase warrant, a “Warrant”), with each Warrant being exercisable to acquire one Class A Voting Common Share (each, a “Warrant Share”) at an exercise price of $0.35 per Warrant Share for a period of two years after the Closing Date, subject to acceleration, at the option of the Company, in the event that the closing price of the Class A Voting Common Shares on the Canadian National Stock Exchange equals or exceeds $0.50 for a period of 10 consecutive trading days at any time after the date hereof.
In connection with the Offering, the Corporation paid a cash finder’s fee equal to, in the aggregate, 5% of the gross proceeds of the Offering. In addition to the cash finder’s fee, Mistango issued 83,333 non-transferable finder’s warrants (each a Finder’s Warrant”) equal to, in the aggregate, 5% of the number of Units sold. Each Finder’s Warrant will entitle the holder thereof to acquire one Class A Voting Common Share at a price of $0.35 per share for a period of 2 years after the date hereof.
Read more: MIS Closes Non-Brokered Private Placement of Units