Vanguard Mining closes $439,990 private placement

Executive Summary

• Vanguard Mining Corp. has closed an oversubscribed, non-brokered private placement of 2,933,267 flow-through units, raising gross proceeds of approximately $440,000.
• The proceeds are designated for exploration expenditures on resource claims in British Columbia, which will constitute Canadian exploration expenses under the Income Tax Act.
• The offering included warrants and finder's fees, with securities subject to a standard hold period of four months and one day.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through (FT) units.
• Units Issued: 2,933,267 FT units.
• Price Per Unit: $0.15 CAD.
• Gross Proceeds: $439,990.05.
• Unit Composition: Each FT unit consists of one common share qualifying as a flow-through share and one-half of one common share purchase warrant.
• Warrant Terms:
  • Each whole warrant is exercisable to purchase one common share on a non-flow-through basis.
  • Exercise Price: $0.22 CAD.
  • Expiry: 18 months from closing.
  • Acceleration Clause: Expiry accelerates to 30 days if the common share price trades at or above $0.32 for five consecutive trading days.
• Finder's Fees:
  • Aggregate cash fees paid: $2,400.
  • Warrants issued to finders: 16,000 non-transferable warrants.
  • Finder's Warrant Terms: Exercisable at $0.22 CAD per share for 18 months from issuance.
• Use of Proceeds: Exploration expenditures on resource claims in British Columbia; constitutes Canadian exploration expenses.
• Hold Period: Four months and one day following the closing date.

Notable Quotes

• "We are very pleased to have closed this financing and are energized by the strong level of support from our investors. With a busy exploration and development season ahead across our highly prospective uranium and critical mineral projects, Vanguard is well positioned to unlock significant value." — David Greenway, CEO