Mogotes increases private placement to $23-million

Executive Summary

• Mogotes Metals Inc. has upsized its non-brokered private placement to up to 86,792,452 units due to investor demand.
• The offering is priced at 26.5 cents per unit, targeting aggregate gross proceeds of up to $23 million.
• Proceeds will be used for general corporate and working capital purposes, with priority participation offered to existing shareholders.

Key Details

• Units Offered: Up to 86,792,452 units.
• Price Per Unit: 26.5 cents.
• Gross Proceeds: Up to $23 million.
• Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to acquire one common share at an exercise price of 53 cents per share.
• Warrant Expiry: Three years from the closing of the offering.
• Use of Proceeds: General corporate and working capital purposes.
• Shareholder Priority: The company intends to give priority participation in the private placement to existing shareholders.
• Hold Periods:
  • Canada and United States: Four months plus a day from the date of issuance.
  • Other Jurisdictions: No statutory hold period under applicable Canadian securities laws (subject to compliance with Ontario Securities Commission Rule 72-503).
• Closing Conditions: Subject to regulatory and other approvals, including approval from the TSX Venture Exchange.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.