Playfair Mining arranges financing, plans rollback

Executive Summary

• Playfair Mining Ltd. announced a non‑brokered private placement of up to 30 million units at C$0.06 per unit, targeting gross proceeds of approximately C$1.8 million.
• Each unit consists of one post‑consolidation common share and one warrant allowing purchase of an additional share at C$0.15 for up to 24 months after closing.
• The board authorized a 1‑for‑3 consolidation of the company’s common shares, reducing outstanding shares from ~141.35 M to ~47.12 M (pre‑offering).

Key Details

• Offering Size & Price: Up to 30 million units @ C$0.06 per unit → gross proceeds ≈ C$1.8 million.
• Unit Composition: 1 post‑consolidation common share + 1 common share purchase warrant.
• Warrant Terms: Right to buy one post‑consolidation share at C$0.15, exercisable any time up to 24 months after the closing date.
• Use of Proceeds: General working capital and exploration activities at the Golden Circle project in Nova Scotia.
• Regulatory Framework: Offered under the Listed Issuer Financing Exemption (LIFE) per NI 45‑106, to Canadian investors (excluding Quebec). No hold period required.
• Closing Conditions: Subject to TSX Venture Exchange approval, completion of share consolidation, and compliance with applicable securities regulations.
• Finder’s Fees: Company may pay eligible third parties for introducing subscribers.
• Share Consolidation Authorization: One‑for‑three consolidation; post‑consolidation shares expected ≈ 47,115,720 (before the private placement).
• Current Share Count: 141,347,160 common shares outstanding pre‑consolidation.

Notable Quotes

(No direct quotes were provided in the release.)