By Laura Lutz
Des Moines, Oct. 6 - Morgain Minerals Inc. lowered the price of units in its previously announced brokered and non-brokered private placements to C$0.30 each from C$0.35 each.
The placements were slated to raise C$2 million when they were announced on Aug. 24. With the lowered unit price, they will raise a combined C$1,714,286.
The brokered deal includes 3,714,286 units, and the non-brokered deal includes 2 million units.
In both deals, the units consist of one share and one warrant, with each warrant exercisable at C$0.50 for two years. Terms of the warrants are unchanged.
Canaccord Capital Corp is the agent for the brokered deal.
The proceeds will be used for working capital, to initiate a 43-101 compliant mineral resource estimate for the company's La Fortuna Gold Project and to advance the Castillo Gold Project.
Morgain Minerals is a Vancouver, B.C.-based resource exploration company with properties in Mexico.
Brokered placement
| Issuer: | Morgain Minerals Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,114,286
|
| Units: | 3,714,286
|
| Price: | C$0.30
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Placement agent: | Canaccord Capital Corp.
|
| Announcement date: | Aug. 24
|
| Amended: | Oct. 6
|
| Stock symbol: | TSX Venture: MGM
|
| Stock price: | C$0.30 at close Aug. 23
|
| Stock price: | C$0.275
|
|
|
| Non-brokered placement
|
| Issuer: | Morgain Minerals Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$600,000
|
| Units: | 2 million
|
| Price: | C$0.30
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Placement agent: | Non-brokered
|
| Announcement date: | Aug. 24
|
| Amended: | Oct. 6
|
| Stock symbol: | TSX Venture: MGM
|
| Stock price: | C$0.30 at close Aug. 23
|
| Stock price: | C$0.275
|
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