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Insidexploration

MacDonald Mines Announces Further Increase of Flow-Through Private Placement to $4,000,000

by MikeyMike426
July 16, 2020
in BMK, BMK News, Home Page, News Room
0
MacDonald Mines Exploration Gallery

TORONTO, July 13, 2020 – MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces that, due to continued investor demand, it is increasing the size of its non-brokered private placement offering to $4,000,000 consisting of: (i) “charity flow-through” Units at a price of $0.135 each (the “Charity FT Unit Offering”) and (ii) “flow-through” Units at a price of $0.10 each (the “FT Unit Offering” and, together with the Charity FT Unit Offering, the “Offering”). Eventus Capital Corp. has been appointed as a finder in connection with the Offering.

Each Unit will be comprised of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, “Warrant”). Each Warrant shall be exercisable to acquire one Common Share (“Warrant Share”) at a price of $0.20 per Warrant Share for a period of 24 months from the closing of the Offering. If the closing price of the Common Shares is at a price equal to or greater than $0.35 for a period of 10 consecutive trading days, MacDonald will have the right to accelerate the expiry date of the warrants by giving notice, via a new release, to the holders of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said news release.

Common Shares issued under the FT Offering and Charity FT Unit Offering qualify as ‘flow through shares’ (“Flow Through Shares”).  The gross proceeds from the FT Offering and Charity FT Unit Offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ as those terms are defined in the Income Tax Act which will be renounced to the initial purchasers of the Flow Through Shares. The net proceeds of the Offering will be used for exploration, including continued drilling of the Scadding Deposit and other prospective targets on the Company’s large SPJ property, and general working capital purposes. 

Finders will receive a 7% cash payment and that number of compensation warrants (having the terms described above) equal to 7% of the Units sold. Closing of the Offering is subject to approval of the TSX Venture Exchange. Securities issued in the Offering are subject to a statutory hold period of four months.  

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.

SPJ Property highlights

  • 100% ownership
  • 18,340 hectares in excellent mining jurisdiction and close to infrastructure
  • Hosts the high-grade past producing Scadding Gold Mine
  • Evidence of polymetallic mineralization at the Scadding Deposit indicative of IOCG potential
  • Significant gold, cobalt-copper, silver, nickel and rare earth showings outside of the Scadding Deposit footprint

Historically, the Scadding Mine produced 914 kilograms of gold from 127,000 tonnes of mineralized material grading 7.2 g/t (OFR 5771). MacDonald’s reinterpretation of the geological model at the Scadding Deposit and the Company’s results to date indicate that the SPJ Project could host a large gold-rich Iron-Oxide-Copper-Gold deposit.

About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in  Toronto, Ontario focused on gold exploration in Canada. The Company is focused on developing its large SPJ Project in Northern Ontario.

The Company’s common shares trade on the TSX Venture Exchange under the symbol “BMK”.

To learn more about MacDonald Mines, please visit www.insidexploration.com/bmk/

For more information, please contact:

Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com

Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law

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MikeyMike426

MikeyMike426

I am a 3rd generation miner who was born and raised in the silver capital of Canada, Cobalt, Ontario. For the last 10 years I have been invested in the mining sector and as a retail investor found it difficult gathering information on companies of interest. For this reason we created Insidexploration.com as a means to share our due diligence with investors all around the world. Disclosure The thoughts and opinions expressed in my articles and research reports are my own and do not represent those of the companies I write about. I often buy and sell the stocks I write about and may do so at any point in time without warning. Disclaimer My articles and research reports should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided is derived from sources believed to be accurate, but cannot be guaranteed. I do not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. I am not a registered financial advisors and one should always do your own due diligence and consult a licensed investment adviser prior to making any investment decisions. Always reference www.SEDAR.com for important risk disclosures.

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Canada Nickel Consolidates and Expands Nickel Land Package and Acquires Sixth Nickel Target From Noble Mineral Exploration

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TORONTO, April 22, 2021 - Canada Nickel Company Inc. ("Canada Nickel" or "the Company") (TSXV: CNC) (OTCQB: CNIKF) is pleased to

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#Savinglives #NATO

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insidexplr avatarInsidexploration@insidexplr·
21 Apr 1384886716394352646

Check out this beautiful mineralization at the top of the historic shaft on the Rickard Gold Property.

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Very Exciting Project!

Image for the Tweet beginning: Check out this beautiful mineralization
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Windfall Geotek Announces Strategic Projects Advisory Board with Colonel Stephen Appleton as the Chairman

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insidexplr avatarInsidexploration@insidexplr·
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Looks Like our friends at @StGeorgesPlat have been busy staking some ground around the Manicouagan Palladium Project!

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Want to know more? follow the link
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insidexplr avatarInsidexploration@insidexplr·
20 Apr 1384486679659044868

Better start paying attention to this project!

@ArcPacific_ACP $ACP is currently drilling around The Past Producing High Grade Rickard Gold Mine just North of Timmins, Ontario.

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Early drilling looks very encouraging!
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While on site at the @ArcPacific_ACP $ACP Rickard Gold Project, we went to check out the old shaft and it did not disappoint! Look at that mineralization!

#Timmins #Abitibigreenstone #Gold

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