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  • MacDonald Mines Exploration (BMK) has closed a non-brokered private placement
  • Under the final tranche, the company issued 1,153,900 flow-through Class A common shares at a price of $0.13 per FT share for proceeds of $150,007.00
  • Under the placement, the company issued a total of 2,080,823 FT shares for proceeds of $270,507.00 and 550,000 non-flow-through units for proceeds of $55,000.00
  • Each unit was issued at a price of $0.10
  • MacDonald Mines Exploration Ltd. is a Canadian gold and base metal exploration company
  • MacDonald Mines Exploration Ltd. was unchanged at $0.055 at 10:19 AM ET

MacDonald Mines Exploration (BMK) has closed a non-brokered private placement.

The company had issued a further 1,153,900 flow-through Class A common shares at a price of $0.13 per FT share for proceeds of a further $150,007.00.

Totally, the company issued an aggregate of 2,080,823 FT shares for proceeds of $270,507.00 and 550,000 non-flow-through units at a price of $0.10 per unit for proceeds of $55,000.00.

Each unit is made up of one Class A common share and one half of one Class A common share purchase warrant, with each full Warrant being exercisable to acquire one common share at a price of $0.15 per share for a period of 24 months following the closing date of the offering.

Proceeds from the offering will be used to advance developments at the company’s SPJ Project and for general working purposes. The proceeds from the FT Shares will be used for exploration purposes, and such proceeds will be used to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)).

All securities sold or issued in connection with the offering are subject to a hold period of four months and one day from the date of issuance.

The offering is subject to the final approval of the TSX Venture Exchange.

MacDonald Mines Exploration Ltd. is a Canadian gold and base metal exploration company focused on exploring its 100-per-cent-owned, 19,720ha (197km2) SPJ Project, 20km southeast of the prolific Sudbury Mining Camp in Northern Ontario.

MacDonald Mines Exploration Ltd. was unchanged at $0.055 at 10:19 AM ET.


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