Iconic Minerals arranges $2.55M private placement

Executive Summary

• Iconic Minerals Ltd. has announced a private placement equity financing with gross proceeds of up to $2.55 million, pending TSX Venture Exchange acceptance.
• The company will issue up to 30 million units at a price of 8.5 cents per unit, with proceeds designated for drilling and exploration at its New Pass gold property in Nevada, as well as general working capital.
• Each unit consists of one common share and one-half share purchase warrant, with specific acceleration clauses for warrant expiry based on share price performance.

Key Details

• Gross Proceeds: Up to $2,550,000.
• Units Issued: Up to 30,000,000 units.
• Price Per Unit: 8.5 cents.
• Unit Composition: Each unit comprises one common share and one-half share purchase warrant.
• Warrant Terms:
  • Each whole warrant entitles the holder to purchase one additional common share.
  • Exercise Price: 17 cents per share.
  • Expiry Period: Two years from the date of issuance.
  • Acceleration Clause: If the share price exceeds 34 cents over a period of 10 non-consecutive trading dates (commencing four months from issuance), the company may provide 30 days' written notice to accelerate the expiry of the warrants unless previously exercised.
• Use of Proceeds: Expenditures for drilling and advancement of the exploration program on the New Pass gold property in Nevada, and for general working capital purposes.
• Finder's Fees: The company may pay finders' fees in accordance with TSX-V rules and policies.
• New Pass Gold Property Resource Estimate (NI 43-101 non-compliant, dated Dec. 2, 2020):
  • Location: Central Nevada, approximately 27 miles west of Austin.
  • Inferred Mineral Resource: 15,515,488 short tons (14,075,414 metric tons).
  • Gold Equivalent Grade: 0.022 ounce per ton (0.75 gram/metric ton).
  • Total Gold Equivalent: 341,750 ounces.
  • Gold Component: 282,986 ounces at an average grade of 0.018 ounce per ton (0.62 gram/metric ton).
  • Silver Component: 3,139,054 short tons (2,847,702 metric tons) at an average grade of 0.202 ounce per ton (6.92 grams/metric ton).
• Qualified Person: Richard Kern, Certified Professional Geologist (No. 11494) and CEO.

Notable Quotes

• "Richard Kern, certified professional geologist (No. 11494) and chief executive officer of Iconic, is the qualified person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards."