Mink Ventures Announces $1 Million Non- Brokered Private Placement Financing
Mink Ventures Announces $1 Million Non-
Brokered Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - June 21, 2023) - Mink Ventures Corporation (TSXV: MINK) ("
Mink
"
or the "
Company
") announces a non-brokered private placement for aggregate gross proceeds of up to
$1,000,000 (the "
Offering'
). The Offering will consist of the sale of hard dollar units (the "
HD Units
") of
the Company at a price of $0.15 per HD Unit and flow-through units (the "
FT Units
") of the Company at
a price of $0.18 per FT Unit.
Each HD Unit will consist of one common share of the Company (a "
Common Share
") and one
Common Share purchase warrant ("
HD Warrant
"). Each HD Warrant shall entitle the holder thereof to
acquire one (1) common share of the Company for a period of thirty-six (36) months from the date of
issuance at an exercise price of $0.20 for the first eighteen (18) months and an exercise price of $0.25
for the remaining eighteen (18) months.
Each FT Unit will consist of one Common Share of the Company (a "
FT Share
") and one Common
Share purchase warrant ("
FT Warrant
"). Each FT Warrant shall entitle the holder thereof to acquire one
(1) common share of the Company for a period of thirty-six (36) months from the date of issuance at an
exercise price of $0.20 for the first eighteen (18) months and an exercise price of $0.25 for the
remaining eighteen (18) months.
The FT Shares are to be issued as "flow-through shares" within the meaning of the
Income Tax Act
(Canada) (the "
Tax Act
") An amount equal to the portion of the subscription price that is directly
attributable to the consideration paid for the subscription and issuance of the FT Shares will be used to
incur eligible resource exploration expenses which will qualify as (i) "Canadian exploration expenses"
(as defined in the Tax Act), and (ii) "flow-through critical mineral mining expenditures" (as defined in
subsection 127(9) of the Tax Act) (collectively, the "
Qualifying Expenditures
"). Qualifying Expenditures
in an aggregate amount equal to the gross proceeds raised from the issuance of the FT Shares will be
renounced to the initial purchasers of the FT Units with an effective date no later than December 31,
2023. If the Company is unable to renounce such Qualifying Expenditures, or if the Qualifying
Expenditures renounced are reduced by the Canada Revenue Agency, the Company will, to the extent
permitted by the Tax Act, indemnify each purchaser of FT Units for any additional taxes payable by such
purchaser as a result of the Company's failure to renounce the Qualifying Expenditures. The FT Warrants
will not be issued as "flow-through shares" within the meaning of the Tax Act.
The Company plans to use the net proceeds raised from the sale of the HD Units and FT Units under the
Offering for the exploration and advancement of the Company's Montcalm nickel copper cobalt project,
the Warren copper nickel project and for general working capital purposes.
The securities issued under the Offering will be subject to a four-month and one day hold period and will
not be sold in the United States. The Offering is subject to customary closing conditions including, but not
limited to, receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange
(the "
TSX-V
"). The closing of the Offering may occur in one or more tranches, with the initial closing date
of the Offering expected to occur on or around July 4, 2023 and is not subject to receipt of a minimum
amount of gross proceeds. The Company may pay to certain introducing parties in respect of the
Offering finder's fees of up to 7% cash and non-transferable 7% warrants, subject to compliance with
applicable securities legislation and TSX-V policies.
Option to Acquire the Warren Project
The Company also announces a minor correction to its news release dated June 13, 2023. The news
release incorrectly stated that to maintain and ultimately exercise the option to acquire the Warren
copper nickel project (the "
Warren Project
"), Mink must, among other things, issue an additional
800,000 common shares within 21 months from the closing date. The correct number of shares that Mink
must issue to maintain and exercise the option to acquire the Warren Project within such timeframe is in
fact 750,000 common shares.
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for
battery metals in Ontario, Canada. It has a prospective, nickel copper cobalt exploration portfolio, with its
Montcalm project, which covers approximately 40 km
2
adjacent to Glencore's former Montcalm Mine with
historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario
Geological Survey, Atkinson, 2010), as well as the recent addition of the Warren Project, comprised of
14 patented mining claims covering 251 hectares. These complementary Ni Cu projects have excellent
access and infrastructure and are in close proximity to the Timmins Mining Camp. The Company has
14,972,319
shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President &
CEO, T: 250-882-5620 E:
or Kevin Filo, Director, T: 705-266-6818 or visit
www.sedar.com
.
Forward-Looking Statements
This press release includes certain "forward-looking statements" under applicable Canadian
securities legislation, including, but not limited to, statements with respect to the completion of the
Offering, the proposed use of proceeds, the closing of the option to acquire the Warren Project, and
the exploration potential of the Company's mineral properties. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of Mink to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Factors that could affect the
outcome include, among others: future prices and the supply of metals; the results of drilling; inability
to raise the money necessary to incur the expenditures required to retain and advance the properties;
environmental liabilities (known and unknown); general business, economic, competitive, political and
social uncertainties; accidents, labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; delays in obtaining governmental approvals; or failure to
obtain regulatory approvals. For a more detailed discussion of such risks and other factors that could
cause actual results to differ materially from those expressed or implied by such forward-looking
statements, refer to Mink's filings with Canadian securities regulators available on SEDAR at
www.sedar.com
.
Although Mink has attempted to identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date of this news release and Mink
disclaims any obligation to update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as required by applicable securities laws.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/170726