Teako Minerals Closes Oversubscribed Private Placement
Teako Minerals Closes Oversubscribed
Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2024) -
TEAKO MINERALS CORP.
(
CSE:
TMIN
) (the "
Company
" or "
Teako
") announced today that it is closing the second and final tranche of a
non-brokered private placement of common shares of the Company ("
Common Shares
") at a price of
$0.09 (see press releases dated
March 14, 2024
,
March 18, 2024
, and
April 11, 2024
) for total gross
proceeds of $964,070 (the "
Offering
").
In connection with the Offering, the Company issued 6,439,996 Common Shares under the first tranche
for aggregate proceeds of $579,599 and 4,271,900 Common Shares under the second tranche for
aggregate proceeds of $384,471. Under the Offering, Teako issued, in aggregate, 10,711,896
Common Shares which brings the total issued and outstanding share count to 71.599.808. The
Company did not pay any finder's fees in cash or securities under the Offering.
The Company's largest shareholder, Fruchtexpress Grabher GmbH & Co KG ("
FEx
"), participated in the
Offering and acquired an aggregate of 1,330,000 Common Shares. FEx's participation in the Offering
constitutes a "related party transaction", as such term is defined in Multilateral Instrument 61-101 -
Protection of Minority Securityholders in Special Transactions
("
MI 61-101
"). In completing the
Offering, the Company has relied on exemptions from the formal valuation and minority shareholder
approval requirements enumerated in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither
the fair market value of the Common Shares purchased nor the consideration paid by FEx exceeds 25%
of the Company's market capitalization.
The second tranche of the Offering, in conjunction with FEx, was fully subscribed by the same group of
investors from Denmark who had participated in the initial tranche. In connection with the Offering, the
Company wishes to extend its gratitude to the participants for their invaluable support.
Chief Executive Officer, Sven Gollan, comments: "
Investors with strong hands have participated in this
financing. Each of them has a deep understanding of how to build a real business and fully supports
our plans in Norway. Now it's up to us to shift Teako into a higher gear and prove ourselves worthy of
this vote of confidence".
The Company intends to use the net proceeds of the Offering for mineral exploration programs in
Norway and Finland (see news release dated
January 18, 2024
), as well as general working capital
purposes. All of the Common Shares issued under the Offering will be subject to a four-month and one-
day statutory hold period.
The Common Shares have not and will not be registered under the U.S. Securities Act of 1933, as
amended (the "
U.S. Securities Act
"), or any applicable state securities laws and may not be offered or
sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is
defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption
from such registration requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring,
exploring, and developing mineral properties in Norway and Finland exploring for copper, cobalt, gold,
molybdenum, and rare earth elements (REE). The adoption of technologies such as the SCS Exploration
Product aligns with its strategy to remain at the forefront of the rapidly evolving mining industry.
ON BEHALF OF TEAKO MINERALS CORP.
"Sven Gollan"
CEO
T: +43 5522 500429
Email:
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities
legislation, concerning the business of Teako. Forward-looking information is based on certain key
expectations and assumptions made by the management of Teako. In some cases, you can identify
forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan,"
"seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and
variations of these terms and similar expressions, or the negative of these terms or similar expressions.
Forward-looking statements in this press release include statements related to the approvals of the
Offering, the use of proceeds for the Offering, and the Company's business plans and operations.
Although Teako believes that the expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be placed on the forward-looking
information because Teako can give no assurance that they will prove to be correct. Since forward-
looking statements address future events and conditions, by their very nature, they involve inherent risks
and uncertainties. Actual results could differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, risks associated with the mineral exploration
industry in general (e.g., operational risks in development, exploration and production; the uncertainty of
mineral resource estimates; the uncertainty of estimates and projections relating to production, costs
and expenses, and health, safety and environmental risks), constraint in the availability of services,
commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry,
adverse weather conditions and uncertainties resulting from potential delays or changes in plans with
respect to exploration or development projects or capital expenditures. These and other risks are set out
in more detail in Teako's interim Management's Discussion and Analysis for the nine months ended
October 31, 2023.
Neither the Canadian Securities Exchange nor its Market Regulator (as such term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Not for dissemination in the United States or distribution through U.S. newswires
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/208541