Mayo Lake Minerals to Raise Up To C$1.89 Million Via LIFE Financing
Mayo Lake Minerals (MLKM.CN) plans to raise C$1.89 million through a non-brokered private placement for proceeds of between a minimum of C$1.6 million and a maximum of C$1.9 million, it said on Wednesday.The company will place a minimum of 6.3-million share units, priced at C$0.08 each, and flow-through share units priced at $0.105 per unit, it said. Each unit consists of one common share and one common share purchase warrant, with each CS warrant entitling the holder to buy a share for C$0.12 for a three-year period from the date of issuance, subject to certain terms.Each FT unit consists of one common share issued on a "flow-through" basis and one common share purchase warrant, with each FT warrant entitling the holder to buy a share for C$0.14 for a three-year period from the date of issuance, subject to certain terms. Proceeds from the sale of the CS units will be used to advance exploration on its gold and silver properties in the Mayo-Keno region of Yukon's Tombstone Gold Belt, as well as for working capital and general corporate needs.Proceeds from the sale of the FT units will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures," it said. Closing of the offering is expected on or around Aug. 14.The company said it will also be effecting a share consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every three pre-consolidation common shares.
