Mink Ventures Closes Private Placement
Mink Ventures Closes Private Placement
Toronto, Ontario--(Newsfile Corp. - June 17, 2024) - Mink Ventures Corporation (TSXV: MINK) ("
Mink
"
or the "
Company
") announces it has closed the second and final tranche of its non-brokered private
placement (the "
Offering
") announced on May 7, 2024. The Company has raised gross proceeds of
from both tranches of $437,235. In the second tranche, the Company raised gross proceeds of
$153,565 from the issuance of 1,084,227 hard dollar units (the "
HD Units
") at a price of $0.11 per HD
Unit and the issuance of 245,000 CMETC eligible flow-through units (the "
FT Units
") at a price of $0.14
per FT Unit.
Each HD Unit consists 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 consists 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.
All securities issued in the closing of this tranche of the Private Placement are subject to statutory four
month plus a day hold periods expiring on October 18, 2024. The Private Placement is subject to
obtaining final approval of the TSX Venture Exchange.
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.
Certain directors and officers of the Company purchased an aggregate of 245,000 FT Units pursuant to
the Private Placement, constituting a "related party transaction" as such term is defined by Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The
transaction will be exempt from the MI 61-101 valuation and minority approval requirements for related
party transactions in connection with the Offering under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as
neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market
value of the consideration for, the transaction, insofar as it involves the Related Parties, exceeds 25% of
the Company's market capitalization (as determined under MI 61-101)
The Company paid aggregate finder's fees totaling $6660.50 in cash and 60,550 in non-transferable
finder's warrants (the "
Finder's Warrants
"). Each Finder's Warrant entitles 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. All of the finder's fees are subject to compliance with applicable securities
legislation and TSX Venture Exchange policies
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 exploration program at the Warren project is expected to begin later in June.
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. After giving effect to the share issuance from this tranche of the Private Placement, the
Company has
22,456,488
Common 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/213268