Encouraging news for FRMA as MX Gold raising
money to develope Magistral J/V.
"MX GOLD CORP. ANNOUNCES PRIVATE PLACEMENT
MX Gold Corp. intends to undertake a private placement financing of up to 20.8 million units at a price of 12.5 cents per unit for gross proceeds of up to $2.6-million. Each unit will consist of one common share in the capital of the company and one non-transferable common share purchase warrant, with each warrant entitling the holder to purchase one Share (each, a "Warrant Share") at a price of $0.20 per Warrant Share for a period of three years from closing of the financing.
All securities issued in the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
Proceeds of the financing are anticipated to be used towards general working capital purposes, payments towards earning its interest in the Company's Magistral property in Mexico and transaction costs in connection with the acquisition of the Bonaparte property.
About MX Gold
MX Gold Corp. is a junior mining company focused on the exploration, development and mining of advanced projects located in British Columbia and Mexico.
The Company's primary focus in British Columbia is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold Corp. completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. This acquisition removed major costs and shortened timelines typically associated with mine project development with planned ore shipment from Willa to the Max Mill. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold Corp. can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve."
