Medaro Announces Flow-Through and Non-Flow-Through Unit Funding
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VANCOUVER, BC / ACCESSWIRE / October 21, 2022 / Medaro Mining Corp. (CSE:MEDA)(OTC PINK:MEDAF)(FWB:1ZY) (“Medaro“or the”Company“) is pleased to announce its intention to effect a non-brokered private placement of (i) up to 16,666,667 flow-through units (each, a “FT unit“) of the Company at $0.18 per FT Unit (the “FT offer“), for aggregate gross proceeds of up to $3,000,000, and (ii) up to 6,666,667 Units (each, a “NFT Unit“) of the Company at $0.15 per NFT Unit (the “NFT offer” and, with the FT Offer, the “Offer“), for total gross proceeds of up to $1,000,000.
Each FT Unit will consist of one (1) common share, issued on a flow-through basis pursuant to income tax law (Canada), and one-half (1/2) common share purchase warrant (each whole warrant, one “To guarantee“). Each warrant will be exercisable at $0.30 per share for two (2) years from issuance. Each NFT unit will consist of one (1) common share and one-half subscription (1/2).
The Company plans to allocate the net proceeds of the Offering to exploration expenses, the further development of its lithium mining technology and working capital. The Company may pay finder’s fees to eligible parties who introduce subscribers to the Offering. All securities issued under the offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws.
The securities to be issued pursuant to the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or under any state securities law, and may not be offered or sold, directly or indirectly, or delivered in the United States or to, or for the account or benefit of, United States Persons (as defined in Regulation S of the 1933 Act) in the absence of registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael R. Mulberry
CEO and Director
About Medaro Mining Corp.
(CSE:MEDA) (OTC:MEDAF) (FWB:1ZY)
Medaro Mining is a Vancouver, British Columbia-based lithium exploration company that holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium property located in James Bay, in Quebec, the Lac La Motte lithium property located in Abitibi, Quebec, the Darlin Li-Be property located in Abitibi, Quebec, the Rapide Li-Be property located in Abitibi, Quebec and the Yurchison uranium property in northern Saskatchewan. The Company is also involved in the development and commercialization of a new lithium extraction process from spodumene concentrate through its joint venture Global Lithium Extraction Technologies. Learn more at: https://medaromining.com/.
For detailed information, investors are invited to consult the documents filed by the Company available on www.sedar.com.
FOR MORE INFORMATION, CONTACT:
Email: [email protected]
This press release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding future estimates, plans, programs, forecasts, projections, goals, assumptions, expectations or beliefs regarding future performance, including statements regarding the Offering and the intended use of proceeds thereof and the Company’s work program plans are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of the Company’s management based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in the Company’s filings with securities regulatory authorities, which may cause actual results differ materially from those discussed in the forward-looking statements. These factors should be carefully considered and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. , except as required by applicable securities laws.
THE SOURCE: Medaro Mining Corp.
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