Mogotes Metals arranges $4-million private placement

Executive Summary

• Mogotes Metals Inc. announced a non-brokered private placement of up to 12.5 million units at $0.32 per unit, targeting gross proceeds of up to $4 million.
• The offering is specifically intended to satisfy pre-emptive rights granted to existing shareholders.
• Each unit consists of one common share and a half warrant, with warrants exercisable at $0.53 per share for three years.

Key Details

• Transaction Structure: Non-brokered private placement of up to 12.5 million units.
• Price: 32 cents ($0.32) per unit.
• Gross Proceeds: Up to $4 million.
• Use of Proceeds: General corporate and working capital purposes.
• Unit Composition: Each unit comprises one common share and one-half of one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: 53 cents ($0.53) per common share.
  • Duration: Three years from the closing of the offering.
• Purpose of Offering: To satisfy certain pre-emptive rights granted to and held by specific shareholders of the company.
• Regulatory Conditions: Closing is subject to necessary regulatory approvals, including approval from the TSX Venture Exchange.
• Hold Periods:
  • Canada and United States: Four months plus one day from the date of issuance.
  • Other Jurisdictions (per OSC Rule 72-503): No statutory hold period under applicable Canadian securities laws.

Notable Quotes

• None provided in the text.