New Target completes $500,000 private placement

Executive Summary

• New Target Mining Corp. has completed a non-brokered private placement, raising $500,000 in gross proceeds.
• The company issued 10 million units at $0.05 per unit, with each unit comprising one common share and one share purchase warrant.
• Insiders participated in the offering, acquiring 690,000 units, constituting a related party transaction under MI 61-101.

Key Details

• Gross Proceeds: $500,000
• Units Issued: 10,000,000 units
• Price Per Unit: $0.05
• Unit Composition: Each unit consists of one common share and one share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.06.
• Warrant Duration: 12 months from the date of issuance.
• Use of Proceeds: Retire existing payables, address audit and public disclosure costs, and provide general working capital.
• Finders' Fees: None paid.
• Statutory Hold Period: Four months and one day.
• Insider Participation: Insiders acquired a total of 690,000 units.
• Regulatory Context: The insider subscription constitutes a related party transaction under Multilateral Instrument 61-101 (MI 61-101). The company relied on exemptions from formal valuation and minority shareholder approval requirements (sections 5.5(a) and 5.7(1)(a) of MI 61-101) as the fair market value of the insider subscription does not exceed 25% of the issuer's market capitalization.
• Control: The offering did not result in the creation of a new control person.