Mosaic Minerals Raises CA$0.59 Million in the First tranche of a Private Placement
Mosaic Minerals (MOC.CN) closed an initial tranche of a private placement of common and flow-through share units, raising CA$0.59 million, it said Wednesday.The company placed 3.5-million flow-through units (FT units) priced at CA$0.0105 each and 2.6-million common-share units at CA$0.085 apiece.Each FT unit is made up of a tax-advantaged share and a one-year warrant to buy a share for CA$0.17. The common-share units consists of a share and a two-year warrant to buy a share for CA$0.12 warrant.Proceeds from the sale of the FT units will be used to incur eligible "Canadian exploration expenses" on the Golden Island project, in connection with its projects in Quebec, Canada.The company also said it will soon launch its first drilling campaign on the Golden Island gold project in Abitibi, Quebec. Within the coming weeks, the company expects to get all results from the collected samples, following the technical work and field exploration completed in August."We are initially targeting a 10-hole campaign with a minimum depth of 250 meters per hole, for a total of 2,500 meters," said Chief Executive Jonathan Hamel.Shares of the company closed down 5.6% to CA$0.085 Tuesday on the Canadian Securities Exchange.
