Mink Ventures Announces $500,000 Non- Brokered Private Placement of Critical Minerals Flow-Through and Hard Dollar Financing
Mink Ventures Announces $500,000 Non-
Brokered Private Placement of Critical
Minerals Flow-Through and Hard Dollar
Financing
Toronto, Ontario--(Newsfile Corp. - May 7, 2024) - Mink Ventures Corporation (TSXV: MINK) ("
Mink
" or
the "
Company
") announces a non-brokered private placement for aggregate gross proceeds of up to
$500,000 (the "
Offering'
). The Offering will consist of the sale of hard dollar units (the "
HD Units
") of the
Company at a price of $0.11 per HD Unit and flow-through units (the "
FT Units
") of the Company at a
price of $0.14 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 $0.25.
Each FT Unit will consist of one Common Share of the Company (a "
FT Share
") and one half of one
Common Share purchase warrant ("
FT Warrant
"). Each whole 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 $0.25.
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,
2024.
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, in respect of the HD Unit proceeds, 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 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 May 31, 2024 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% Finder's Warrants, subject to compliance with applicable securities legislation
and TSX-V policies. Each Finder's 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 $0.25.
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for
critical minerals (nickel, copper, cobalt) at its Warren and Montcalm projects, in the Timmins, Ontario
area.
Mink's flagship Montcalm Project covers 40 km
2
adjacent to Glencore's former Montcalm Mine
which had 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). Its Warren Ni Cu Co Project, which covers 1,130
hectares is located 35 km away. Both projects have excellent access and infrastructure with an all-
weather access road and power as well as its proximity to the skilled labour and facilities of the Timmins
Mining Camp. The Company has
18,810,534
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.sedarplus.ca
.
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 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.sedarplus.ca
.
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/208221