Murchison Closes First Tranche of Private Placement
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M U R C H I S O N M I N E R A L S L T D . N E W S R E L E A S E Ju ly 2 4 , 20 20
News Release
MURCHISON CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
July 24, 2020 (Toronto, Ontario): Murchison Minerals Ltd. (TSXV: MUR) (“Murchison” or the “Company”) is pleased to
announce that further to its press release dated June 30, 2020, the Company has closed a first tranche of the non-brokered
private placement (the “Private Placement”) as detailed below.
The Company issued 6,264,600 common share units (the “Units”) at a price of $0.065 per Unit and issued 4,575,000 flow-
through units (the “FT Units”) at a price of $0.08 per FT Unit for aggregate gross proceeds of $773,199. Combined with the
flow-through raised on June 30, 2020, the Company has raised $973,199 over the last few weeks to advance its Brabant VMS
project in Saskatchewan and the HPM nickel-copper-cobalt project in Quebec.
Each Unit consists of one common share of the Company (a “Common Share”) and one full Common Share purchase warrant.
Each warrant (a “Warrant”) entitles the holder to acquire one additional Common Share (a “Warrant Share”) for a period of
eighteen months expiring on January 23, 2022 at an exercise price of $0.12 per Warrant Share. Each FT Unit consists of one
flow-through common share and one-half non flow-through Common Share purchase warrant having the terms as the Warrant
Share.
The completion of the Private Placement is subject to final approval from the TSXV. Finder’s fees totaling $28,600 were paid in
relation to the Private Placement. All securities issued pursuant are subject to a four month hold period from the date of issue.
Proceeds from the Private Placement will be used by the Company for exploration drilling and field prospecting on its Brabant
Lake VMS project in Saskatchewan as well as for working capital and other general and administrative costs.
Certain officers of the Company participated in the Private Placement for an aggregate total of $290,000. This participation is
considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101”), however, the
transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on a
determination that the securities of the Company are listed on the TSX Venture Exchange (“TSXV”) and that the fair market
value of the Private Placement, insofar as it involves interested parties, does not exceed 25% of the market capitalization of
the Company. The Private Placement was approved by all independent directors of the Company.
About Murchison Minerals Ltd.
Murchison is a Canadian‐based exploration company focused on the exploration and development of the 100%-owned
Brabant‐McKenzie zinc‐copper‐silver deposit and surrounding land package in north‐central Saskatchewan. The Company also
has a 100% interest in the HPM nickel‐copper‐cobalt project in Quebec. Following the Private Placement, the Company now
has 77.8 million shares issued and outstanding.
Additional information about Murchison and its exploration projects can be found on the Company's website
at www.murchisonminerals.com.
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M U R C H I S O N M I N E R A L S L T D . N E W S R E L E A S E Ju ly 2 4 , 20 20
For further information, please contact:
Jean‐Charles (JC) Potvin, President and CEO
Email: [email protected]
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
Email: [email protected]
Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and
uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company,
including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned
that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and,
as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information
except as otherwise may be required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release