MacDonald Mines Exploration Announces Private Placement of up to $1,000,000
Toronto, Ontario – December 14, 2017 – MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines” or the “Company”) announces a non-brokered private placement of units (the “Units”) and flow-through units (the “Flow-Through Units”), in such combination to be determined by the Company, for gross proceeds of up to CAD$1,000,000 (the “Offering”). The Company intends to close the Offering on Wednesday, December 20, 2017 subject to the receipt of all regulatory approvals including the approval of the TSX Venture Exchange.
Each Unit is offered at a price of $0.09 and is comprised of one Class A common share (a “Common Share”) of the Company and one Common Share purchase warrant (a “Unit Warrant”), each Unit Warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.12 per share for a period of 24 months from the date of closing of the Offering.
Each Flow-Through Unit is offered at a price of $0.10 and is comprised of one Common Share that qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act (Canada) and one-half of one Common Share purchase warrant (a “FT Unit Warrant”) with each full FT Unit Warrant being exercisable to acquire one Common Share (on a non-“flow-through” basis) at a price of $0.15 per share for a period of 24 months from the date of closing of the Offering.
The net proceeds from the Units shall be primarily used for exploration and general working capital purposes. The proceeds from the issuance of Flow-Through Units will be used to incur Canadian Exploration Expenses (“CEE”), and will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), which will be renounced to the subscribers of Flow-Through Units with an effective date no later than December 31, 2017 in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Units.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold and silica exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Project.
The Company’s common shares trade on the TSX Venture Exchange under the symbol “BMK”.
For more information about the Company visit www.macdonaldmines.com
Or contact:
Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com
Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com
NT4
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