- District Metals Corp. (DMX) has closed its brokered private placement financing, raising gross proceeds of $3,000,000
- The company issued 20,000,000 units at a price of $0.15 per unit
- Net proceeds will be used to fund exploration activities at its polymetallic properties in Sweden
- District Metals Corp. is a company with a mandate to explore and develop prospective mineral properties
- District Metals Corp. opened trading at $0.17 per share
District Metals Corp. (DMX) has closed its previously-announced brokered private placement, raising gross proceeds of $3,000,000.
Under the offering, the company issued 20,000,000 units at a price of $0.15 per unit.
“I would like to thank existing and new shareholders of District for their strong support on this financing where demand far exceeded the total amount raised,” said Garrett Ainsworth, President & CEO of District Metals.
“We are now sufficiently capitalized to advance our polymetallic properties and to take advantage of additional opportunities in Sweden,” he added.
Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of $0.20 for three years from the closing date of the offering.
Net proceeds from the offering will be used to fund exploration activities at its polymetallic properties in Sweden and for working capital and general corporate purposes.
The offering remains subject to the final approval of the TSX Venture Exchange (TSXV).
A related party of the company purchased 150,000 units in the offering. The issuance of units to this related party is considered to be a related party transaction within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 (MI 61-101).
District Metals Corp. is a company with a mandate is to seek out, explore, and develop prospective mineral properties.
District Metals Corp. (DMX) opened trading at $0.17 per share.
