Essex Closes First Tranche of Its Non-Brokered Private Placement for C$1,267,500
ESSEX MINERALS INC.
Vancouver, British Columbia
ESSEX CLOSES FIRST TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT FOR C$1,267,500
Not for Distribution in the United States or dissemination through a U.S. newswire service
March 9, 2020 – Vancouver, BC – Essex Minerals Inc. (the “Company”) (TSX-V: ESX) is pleased to announce, further to its press releases dated December 20, 2019 and March 4, 2020, it has closed the first tranche (the “First Tranche”) of its previously-announced non-brokered private placement offering (the “Offering”). The Company issued an aggregate of 12,675,000 shares (the “Shares”) at a price of $0.10 per Share for gross proceeds of $1,267,500.
In connection with the First Tranche, a Finder’s fee is made payable to Finders totalling 1,219,000 shares (the “Finder shares”).
The Company intends to use the net proceeds of the Offering for general working capital.
Pursuant to Canadian securities laws, any securities issued in the Offering will be subject to a hold period of four months plus one day from the date of issuance.
The Company would also like to announce, at this time, that Mr. Yari Nieken has resigned from the board of directors and as CEO. The Company would like to thank Mr. Nieken for his service and wish him the best in his future business endeavours.
Mr. Paul Loudon will be replacing Mr. Nieken on the board of directors of the Company and as CEO.
Paul Loudon, B.Sc. (Hons), is a mining analyst with more than 35 years’ experience in resource company management, corporate finance structuring and arrangement, and investment analysis for corporate finance and stockbroking firms in Sydney and London. He has extensive experience as an executive and non-executive director of publicly listed resource companies, and was previously CEO of BDI Mining Corp, DiamondCorp plc and Head of Equities for mining finance house Loeb Aron & Company Ltd in London.
For further information please contact:
Paul Loudon CEO & Director
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.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.