Mantaro Precious Metals Corp. Closes Private Placement Financing
MANTARO PRECIOUS METALS CORP. CLOSES PRIVATE
PLACEMENT FINANCING
VANCOUVER, BC
,
March 17, 2023
/CNW/ -
MANTARO PRECIOUS METALS CORP.
(TSXV: MNTR) (OTCQB: MSLVF)
(FSE: 9TZ) (the "Company") is pleased to announce it has closed its previously announced non-brokered private placement
(the "Offering"). Under the Offering, a total of 7,307,400 units (each a "Unit") at a price of
$0.05
per Unit for gross proceeds of
up to
$365,370
.
Each Unit consists of one common share of the Company (each a "Share") and one common share purchase warrant (a
"Warrant"), with each Warrant entitling the holder to purchase one additional Share for a period of one year from the date of
issuance at an exercise price of
$0.10
per Share. The Company will have the right to accelerate the expiry date of the
Warrants if, at any time, the average closing price of the Shares is equal to or greater than
$0.15
for 20 consecutive trading
days on the TSX Venture Exchange.
The securities issued under the Offering will be subject to restrictions on resale for a period of four months from the date of
issue. The Company paid finders a fee in cash of
$3,000
and issued a total of 70,000 share purchase warrants exercisable at
$0.05
per share for a period of two years.
Insiders subscribed for a total of 500,000 Units for gross proceeds of
$25,000
. The issuance of 500,000 Units to insiders is
considered a related party transaction subject to Multilateral Instrument 61-101 –
Protection of Minority Security Holders in
Special Transactions
("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority
shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation
in the Offering by the insiders will not exceed 25% of the fair market value of the Company's market capitalization.
The proceeds of the Offering will be used for exploration at Santas Gloria silver property and general corporate purposes.
About Mantaro Precious Metals Corp.
Mantaro Precious Metals Corp. is a
British Columbia
company that holds a diversified portfolio of gold and silver focused
mineral properties in
Bolivia
and
Peru
. The Company holds an option to acquire up to an 80% interest in the advanced
Golden
Hill
orogenic gold property ("Golden Hill"), located in the underexplored Precambrian Shield,
Bolivia
.
In
Peru
, the Company has a 100% interest in the high-grade Santas Gloria silver property as well as a 100% interest in each
of the La Purisima,
Cerro Luque
and Huaranay properties.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of
this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and
that actual performance may be affected by a number of material factors, many of which are beyond the Company's control.
Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need
to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may
differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking
information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update
or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE
Mantaro Precious Metals Corp.
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For further information:
Darren Hazelwood, Phone: +44 (0) 7971 957685, E-mail: [email protected]
CO: Mantaro Precious Metals Corp.
CNW 07:30e 17-MAR-23