Cleghorn Minerals Announces Oversubscription to Private Placement Financing

Cleghorn Minerals Ltd. (CZZ) has increased the size of its previously announced non-brokered private placement offering, raising the total issuance to up to 9,166,667 Units for gross proceeds of up to $550,000. The offering size was expanded from the original 6,666,667 Units, with the gross proceeds target increased from $400,000 to $550,000.
Each Unit in the offering is priced at $0.06 and consists of one common share and one non-transferable share purchase warrant. The warrants entitle the holder to purchase one common share at an exercise price of $0.10 per share. These warrants are valid for a period of three years from the date of issuance.
Directors and/or officers of Cleghorn Minerals Ltd. will participate in the offering. The transaction is subject to acceptance by the TSX Venture Exchange. Proceeds from the offering are designated for general corporate purposes.
All securities issued in this offering are subject to a hold period of four months and one day from the date of closing, in accordance with applicable securities legislation and TSXV policies.