Mogotes Metals Announces Closing of Second and Final Tranche of Private Placement of Units
Mogotes Metals Inc .
217 Queen St reet W est, Suite 401
Toronto, ON M5V 0R2
T + 1 (647) 846- 3313
NEWS RELEASE
MOGOTES METALS ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF
PRIVATE PLACEMENT OF UNITS
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
September 26, 2024 – Toronto, Ontario – Mogotes Metals Inc. (TSXV: MOG, FSE: OY4) (“Mogotes”, or
the “ Company”) is pleased to announce that , further to its press releases of September 4, 2024,
September 13, 2024 and September 20, 2024, the Company has closed the second and final tranche of
its non-brokered private placement through the issuance of 6,621,430 units (each, a “Unit”) at a price
of $0.14 per Unit for aggregate gross proceeds of $ 927,000.20 (the “Offering”). The aggregate gross
proceeds raised in connection first and second tranches of the Offering was $ 3,500,000 through the
issuance of an aggregate of 25,000,000 Units.
Each Unit is comprised of one common share (each, a “Common Share”) and one-half of one Common
Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to
acquire one Common Share at a price of $0.30 per Common Share until January 31, 2027.
In connection with the closing of the Offering, a certain eligible person (the “ Finder”) was paid a cash
commission of $6,300 and issued 36,000 non-transferable broker warrants (each, a “Broker Warrant”).
Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of $0.14 per
Common Share for a period of eighteen (18) months from the closing of the Offering.
All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from
the date of issuance and the resale rules of applicable securities legislation. The proceeds from the sale
of the Units will be used for funding its exploration work programs and development of the Company’s
Filo Sur property. The closing of the Offering is subject to certain conditions including, but not limited
to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture
Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information, please contact:
Mogotes Metals Inc.
Allen Sabet, President and Chief Executive Officer
Phone: (647) 846-3313
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements:
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.
This news release contains certain “forward -looking information” within the meaning of applicable
securities laws. Forward looking information is frequently characterized by words such as “plan”,
“expect”, “project”, “intend”, “believe”, “anticipate”, “est imate”, “may”, “will”, “would”, “potential”,
“proposed” and other similar words, or statements that certain events or conditions “may” or “will”
occur. These statements are only predictions. Forward-looking information is based on the opinions and
estimates of management at the date the information is provided, and is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from those
projected in the forward-looking information. For a description of the risks and uncertainties facing the
Company and its business and affairs, readers should refer to the Company’s Management’s Discussion
and Analysis. The Company undertakes no obligation to update forward- looking information if
circumstances or management’s estimates or opinions should change, unless required by law. The
reader is cautioned not to place undue reliance on forward-looking information.
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