Muzhu Mining Closes First Tranche of Private Placement FOR $243,900.
MUZHU MINING CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FOR
$243,900.
March 28, 2023 - Vancouver, BC; Muzhu Mining Ltd. (CSE: MUZU) (“Muzhu” or the
“Company”) is pleased to announce that the Company has closed the first tranche of
its private placement announced on March 21, 2023. The closing of the first tranche is
for 3,048,750 units at a price of $0.08 per unit for gross proceeds of $243,900. Each
unit will comprise of 1 common share and 1 common share purchase warrant. Each
warrant entitles the holder to acquire 1 additional common share of the Company at an
exercise price of $0.12 for a period of 24 months from the date of issuance.
Insider participation:
Anthony Tam, VP – China Operations, Director, Muzhu Mining Ltd. – 125,000 units
Dwayne Yaretz, Director, Muzhu Mining Ltd. – 500,000 units.
Muzhu Mining’s interim CEO, James Tong commented “The funds will go towards work
to be performed on the Niujuangou Mine area in the Company’s strategic alliance with
the Luoning County Muzhu Mountain Lead and Silver Mine Company Ltd. (see News
Release January 24, 2023) and towards working capital. The Niujuangou Mine area is
a property contiguous to the north of Muzhu Mining's option agreement with the XWG
silver property.”
ON BEHALF OF THE BOARD OF DIRECTORS
James Sung Fu Tong
Interim CEO
Muzhu Mining Ltd.
Phone: 1-226-455-5644
Email: [email protected]
Muzhu Mining Ltd. is a Canadian publicly traded exploration company with a portfolio of highly
prospective projects at various stages of development. Muzhu currently holds a 100% interest in the
Sleeping Giant South Project, located in the Abitibi Greenstone Belt, approximately 75km South of
Matagami, Quebec. Muzhu has executed an option agreement to acquire up to 80% of the Silver, Zinc,
Lead XWG Property in the Henan Province of China as well as formed a strategic alliance with Luoning
County Muzhu Mountain Lead and Silver Mine Company Ltd., within the Luoning county, Henan province
of China, which owns the Niujuangou Mine area, a property contiguous to the north of Muzhu Mining's
option agreement with the XWG silver property.
Cautionary Notes
This news release is not to be distributed in the United States nor does it constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful, including any of the securities in the United States of
America. The securities have not been and will not be registered under the United States Securities Act of
1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the
United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933
Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such
registration requirements is available.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term
is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.