Playfair closes $2.48-million private placement

Executive Summary

• Playfair Mining Ltd. closed the final tranche of its upsized private placement under the Listed Issuer Financing Exemption, issuing 41,387,667 units at C$0.06 per unit for total gross proceeds of C$2.48 million.
• Proceeds are earmarked to commence a 41‑hole (≈2,950 m) exploration drilling program on the Mount Uniacke property in Nova Scotia’s Golden Circle project.
• The placement included insider participation (3.97 M units) and paid finders’ fees in cash and broker warrants to three brokerage firms.

Key Details

• Units Issued: 41,387,667 total (including a second tranche of 5.47 M units).
• Pricing: C$0.06 per unit.
• Gross Proceeds: C$2,483,060.00 (second tranche contributed C$328,000.00).
• Unit Composition: Each unit = 1 common share + 1 common‑share purchase warrant (exercise price C$0.15, two‑year term).
• Insider Participation: Insiders purchased 3.97 M units on the same terms as other subscribers.
• Regulatory Basis: Offered under NI 45‑106 LIFE exemption; no hold period required. Exemptions from MI 61‑101 valuation and minority shareholder approval applied (consideration ≤25% of market cap).
• Board Approval: Offering unanimously approved by Playfair’s board of directors.
• Use of Proceeds: Fund the initial drilling phase on Mount Uniacke – 41 drill holes totaling ~2,950 m across three selected target areas.
• Finders’ Fees Paid:
• Ventum Financial Corp.: C$2,016 cash + 33,600 broker warrants.
• Research Capital Corp.: C$26,169.60 cash + 436,160 broker warrants.
• Canaccord Genuity Corp.: C$45,600 cash + 760,000 broker warrants.
• Warrant Hold: Finder‑related warrants subject to a four‑month hold period; all expire two years from issuance.

Notable Quotes

(No direct quotes were provided in the release.)