Iconic Minerals amends private placement

Executive Summary

• Iconic Minerals Ltd. has announced amended terms for its previously announced non-brokered private placement, increasing the size and adjusting the pricing structure.
• The financing now consists of up to 30 million units at 12.5 cents per unit, raising gross proceeds of up to $3.75 million.
• Proceeds are designated for drilling and exploration activities on the New Pass gold property in Nevada, as well as general working capital.

Key Details

• Transaction Structure: Non-brokered private placement on amended terms.
• Units Offered: Up to 30 million units.
• Price Per Unit: 12.5 cents.
• Gross Proceeds: Up to $3.75 million.
• Warrant Terms: Each unit includes one common share and one full common share purchase warrant.
• Exercise Price: 17 cents per share.
• Warrant Expiry: Two years from the date of issuance.
• Acceleration Clause: If common shares trade at or above 35 cents for 10 non-consecutive trading dates (starting 4 months post-closing), the company may accelerate warrant expiry, with warrants expiring 30 days after notice.
• Use of Proceeds: Drilling and advancement of the exploration program on the New Pass gold property (Nevada) and general working capital.
• Regulatory Conditions: Closing is subject to TSX Venture Exchange (TSX-V) approval.
• Hold Period: Four-month-and-a-day hold period applies to all securities issued in Canada.
• Finders' Fees: May be paid in accordance with TSX-V rules and policies.

Notable Quotes

• None provided in the text.