Antler Hill Closes First Tranche and Upsizes Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
For Immediate Release
Antler Hill Closes First Tranche and Upsizes Private Placement
May 25, 2021 ‐ Toronto, Canada ‐ Antler Hill Mining Ltd. (TSXV: AHM.H) (the “Corporation” or “Antler Hill”) is pleased to announce that it has closed the first tranche of its previously announced non‐brokered private placement. The Corporation issued an aggregate of 5,022,366 common shares at a price of $0.15 per share for gross proceeds of $753,355 in the first tranche closing of the private placement.
The Corporation also announces that it has further increased the size of this private placement from $750,000 to up to $900,000. Pursuant to the upsized private placement and taking into account the first tranche closing, the Corporation may issue up to an additional 977,634 common shares pursuant to the private placement for additional gross proceeds of up to $146,645.
The proposed use of proceeds for the full $900,000 private placement is as follows:
| Use | Amount | ||
|---|---|---|---|
| Private Placement Commissions and Closing Costs | $50,000 | ||
| Public Company Costs (12 months) | $120,000 | ||
| General Admin (12 months) | $45,000 | ||
| Accrued Payables | $185,000 | ||
| Working Capital for Qualifying Transaction, if identified | $500,000 |
TOTAL: $900,000
The securities issued pursuant to the first tranche of the private placement are subject to a statutory four month hold period expiring on September 22, 2021, in accordance with applicable securities laws.
The Corporation paid finder's fees totaling $37,251 and issued an aggregate of 193,339 finder’s warrants to arm's length parties in connection with the first tranche of the private placement. The finder’s warrants are exercisable at a price of $0.15 per share for a period of 12 months from the date of closing of the first tranche of the private placement. The closing of the $146,645 balance and final tranche of the private placement remains subject to approval of the TSX Venture Exchange.
An insider of the Corporation participated in the first tranche of the private placement. Pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61‐101 Protection of Minority Security Holders in Special Transactions (“MI 61‐101”), the participation constitutes a “related party transaction” as an insider of the Corporation subscribed for shares. The Corporation is relying on exemptions from the formal valuation and minority approval requirements of MI 61‐101. The Corporation will file a material change report in relation to the foregoing “related party transaction”, on SEDAR under the Corporation’s profile at www.sedar.com. The Corporation did not file the material change report more than 21 days prior to the closing of the transaction due to the timing of the announcement and closing occurring in less than 21 days.
For further information, please contact:
ANTLER HILL MINING LTD.
Matthew Wood, Interim CEO and Chairman T: (976) 9999‐0754 E: [email protected] Web: www.antlerhillmining.com
Neither the 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.
Certain information contained herein constitutes “forward‐looking information” under Canadian securities legislation. Forward‐looking information includes, but is not limited to the private placement, the use of proceeds of the private placement, the closing of the final tranche, and the filing of a material change report. Generally, forward‐looking information can be identified by the use of forward‐looking terminology such as “will”, “anticipated” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward‐looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward‐looking statements or forward‐looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of Antler Hill have attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements or forward‐looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements and forward‐looking information. The Corporation will not update any forward‐looking statements or forward‐looking information that are incorporated by reference herein, except as required by applicable securities laws.