Mexican Gold Announces Non-Brokered Private Placement
VANCOUVER, British Columbia, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX, OTCQB: MEXGF) is pleased to announce a non-brokered private placement offering of up to 4,000,000 units (the “Units”) of the Company at a price of $0.04 per Unit to raise gross proceeds of up to CAD $160,000.00 (the “Offering”). Each Unit shall consist of one (1) common share (“Share”) in the capital of the Company and one (1) transferable share purchase warrant (“Warrant”), whereby each Warrant shall be convertible into an additional Share at an exercise price of $0.06 for a period of three (3) years from the date of issuance.
Approximately 16% of the net proceeds raised from the Offering will be used to fund claim fee payments, approximately 14% will be used to fund annual OTCQB listing fees, and the balance of proceeds will be used to fund continuing operations of the Company’s Las Minas project, payment of outstanding invoices, and for general working capital. As the Company is relying on the Minimum Price Exception permitted by the TSXV, which allows for the issuance of Units at less than $0.05 per Unit, the Company confirms that no more than 10% of the proceeds will be used for payments to non-arm’s length parties of the Company, nor will any of the proceeds be used to compensate persons conducting investor relations activities.
All securities issued in connection with the Offering will be subject to a hold period under applicable Canadian securities laws expiring four months and one day from the date of closing of the Offering. Subject to receipt of all necessary regulatory approvals, including acceptance by the TSX Venture Exchange, Mexican Gold anticipates that the Offering will be closed by February 21, 2025.
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. The securities offered 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, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.