CORRECTION FROM SOURCE: Minera Alamos Announces Closing of $4.9 Million Financing and Increase in Institutional Ownership
CORRECTION FROM SOURCE: Minera Alamos
Announces Closing of $4.9 Million Financing and
Increase in Institutional Ownership
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - March 5, 2019) -
Minera Alamos Inc. (TSXV: MAI) (OTC
Pink: MAIFF) (the "
Company
") is issuing a correction to its previously disseminated press release dated March 4, 2019 (the
"
Initial Press Release
"). The Initial Press Release announced the closing of the previously announced non-brokered private
placement for aggregate proceeds of $4,934,750 through the issuance of 49,347,500 common shares of the Company
("
Common Shares
"), as well as payment of cash commissions totaling $276,600 and the issuance of 2,862,000 6finder's
warrants exercisable for Common Shares (the "
Finder's Warrants
"). In fact, the Company raised aggregate proceeds of
$4,994,750 through the issuance of 49,947,500 Common Shares, paid cash commissions of $280,200 and issued 2,898,000
Finder's Warrants.
The corrected press release follows in full below:
*****
Toronto, Ontario and Vancouver, British Columbia--(March 4, 2019)-- Minera Alamos Inc. (TSXV: MAI) (OTC Pink: MAIFF) (the
"
Company
" or "
Minera Alamos
") is pleased to announce, further to its press release dated February 26, 2019, that it has
closed the non-brokered private placement offering of
49,947,500 common shares of the Company (the "
Common Shares
") at
a price of $0.10 per Common Share (the "
Offering Price
") for aggregate gross proceeds of $4,994,750 (the "
Offering
").
The Offering included participation of existing institutional investors. As a result, the Donald Smith Value Fund increased its
ownership in the Company to ~9.8% and the Aegis Value Fund increased its ownership to ~4.9%.
"Minera appreciates the ongoing support of both Donald Smith and Aegis as well as the other participants in the Offering as we
begin a transformational year leading toward construction decisions at our Santana and Fortuna gold projects" stated Doug
Ramshaw, President of Minera Alamos.
Minera Alamos intends to use the net proceeds of the Offering for exploration and development of the Company's Santana
Project in Sonora, Mexico, and for working capital and general corporate purposes.
In connection with the Offering, the Company paid cash finder's fees of $280,200 and issued 2,898,000 finder's warrants (the
"
Finder's Warrants
"). The Finder's Warrants will each be exercisable for one Common Share at the Offering Price for a period
of two years following the closing of the Offering.
All securities issued under the Offering will be subject to a four month hold period from the closing date under applicable
Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions
outside Canada. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from the registration requirements. 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.
About Minera Alamos
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican
assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heapleach
development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver
project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related
to the commercial production of gold at both the Santana and Fortuna projects.
The Company's strategy is to develop low capex assets while expanding the project resources and pursue complementary
strategic acquisitions.
CONTACT INFORMATION:
Minera Alamos Inc.
Doug Ramshaw, President
604-600-4423
www.mineraalamos.com
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking
information is based on certain assumptions and risk factors that could cause actual results to differ materially from the
expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements",
which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and
Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements
include estimates and statements with respect to Minera Alamos' future plans, objectives or goals, to the effect that Minera
Alamos or management expects a stated condition or result to occur and the expected timing. Since forward-looking statements
are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and
uncertainties. Such statements reflect the Company's current views with respect to future events based on certain material
factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market,
competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's
public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from
those described in this news release, including without limitation those listed above. This list is not exhaustive of the factors that
may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully and
readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to
update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in
accordance with applicable securities laws.
NEITHER 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/43247