Medaro Mining Announces Non-Brokered Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

VANCOUVER, British Columbia, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA OTC:MEDAF FWB:1ZY) (“Medaro” or the “Company”) is pleased to announce a non-brokered private placement of (i) up to 16,666,666 units of the Company (“NFT Units”) at a price of $0.06 per NFT Unit, for aggregate gross proceeds of up to $1,000,000 (the “NFT Offering”), and (ii) up to 25,000,000 units of the Company (“FT Units”) at a price of $0.08 per FT Unit, for aggregate gross proceeds of up to $2,000,000 (the “FT Offering” and, together with the NFT Offering, the “Offering”).

Each NFT Unit will be composed of one (1) common share in the capital of the Company (an “NFT Share”) and one (1) common share purchase warrant of the Company (an “NFT Warrant”). Each NFT Warrant will entitle the holder thereof to acquire one (1) additional NFT Share (an “NFT Warrant Share”) at a price of $0.12 per NFT Warrant Share for a period of 24 months from the closing date of the NFT Offering. The NFT Offering is being completed pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the NFT Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the “Offering Document”) related to the NFT Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at www.medaromining.com. Prospective investors should read this Offering Document before making an investment decision.

Each FT Unit will be composed of one (1) common share in the capital of the Company (an “FT Share”), issued on a flow-through basis pursuant to the Income Tax Act (Canada), and one (1) common share purchase warrant of the Company (an “FT Warrant”). Each FT Warrant will entitle the holder thereof to acquire one (1) additional common share in the capital of the Company (an “FT Warrant Share”) at a price of $0.12 per FT Warrant Share for a period of 24 months from the closing date of the FT Offering.

The Offering may close in one or more tranches, the first of which is expected to close on or around October 27, 2023. The Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the Canadian Securities Exchange.

The Company intends to use the proceeds raised from the Offering for property option payments, exploration activities and general working capital and, in respect of funds raised through the NFT Offering, as more particularly set forth in the Offering Document.