Mexican Gold Announces Closing Of Private Placement With Lead Order From Palisades Goldcorp

Nachrichtenquelle: globenewswire
18.01.2021, 15:00  |  163   |   |   

// THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN THE UNITED STATES //

VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX), is pleased to announce that on January 15, 2021, further to its news releases dated December 29, 2020, and January 13, 2021, it closed, subject to final approval of the TSX Venture Exchange (“TSX-V”), its non-brokered private placement of 20 million common shares (the “Shares”) at an issue price of $0.07 per Share (the “Private Placement”) raising gross proceeds of $1,400,000.00.

The proceeds of the Private Placement are to be used for exploration and advancement of the Company’s Las Minas Project, payment of outstanding invoices, and for general working capital. No finders’ fees were paid or are payable in connection with the Private Placement.

Palisades Goldcorp Ltd. (“Palisades”), a Control Person of the Company, subscribed for an aggregate of 15 million Shares (the “Control Person Shares”) demonstrating continued support of the Company’s growth plans. Immediately prior to the acquisition of the Control Person Shares, Palisades directly held 38,238,388 common shares of Mexican Gold representing approximately 37.00% of the Company’s then issued and outstanding common shares on an undiluted basis. In addition, Palisades held an aggregate of 14,675,000 common share purchase warrants of Mexican Gold (the “Warrants”). If the Warrants had been exercised, Palisades would have had ownership of an aggregate of 52,913,388 common shares of Mexican Gold representing approximately 44.84% of the Company’s then issued and outstanding common shares on an undiluted basis and approximately 30.46% on a then fully diluted basis.

Subsequent to the completion of the Private Placement, Palisades now directly holds 53,238,388 common shares of Mexican Gold representing approximately 43.16% of the Company’s issued and outstanding common shares on an undiluted basis. Palisades continues to hold the Warrants, 13,375,000 of which are each exercisable into a common share at an exercise price of $0.12 per common share until July 15, 2024, 800,000 of which are each exercisable into a common share at an exercise price of $0.60 per common share until April 10, 2021, and 500,000 of which are each exercisable into a common share at an exercise price of $0.30 per common share until November 22, 2021. If the Warrants were exercised, Palisades would have ownership of 67,913,388 common shares of Mexican Gold representing approximately 49.21% of the Company’s then issued and outstanding common shares on an undiluted basis and approximately 35.08% on a then fully diluted basis.

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Mexican Gold Announces Closing Of Private Placement With Lead Order From Palisades Goldcorp // THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN THE UNITED STATES // VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) - Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX), is pleased to …

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