Makara Mining Closes Oversubscribed Private Placement of $1,703,583 in Units
VANCVOUER, May 25, 2020 - Makara Mining Corp. (CSE:MAKA)(Frankfurt:MK0) ("Makara" or the "Company") is pleased to announce that it has closed its previously announced private placement for an oversubscribed amount of $1,703,583.
The Company has issued 6,814,332 units of the Company at a price of 25 cents per unit, for aggregate gross proceeds of $1,703,583. Each unit is composed of one common share of the company and one common share purchase warrant, with each warrant exercisable at 50 cents for a period of three years from the date of issuance.
A finder's fee of $34,860 was paid and 139,440 finder's warrants were issued in connection with this private placement. Each finder's warrant is exercisable at 50 cents for a period of three years from the date of issuance.
The Company intends to use the net proceeds of the offering toward exploration expenditures, marketing, general working capital and toward the acquisition of additional mineral projects, if such opportunities arise. All securities issued in connection with the offering will be subject to a four-month-and-one-day hold period under applicable securities laws.
About the Company
The Company is a mineral exploration company focused on the acquisition, exploration and development of gold properties. The Company is based in Vancouver, B.C and holds an option over the Rude Creek Property located in the Yukon and Kenora Gold Property located in Northwestern Ontario.
For more information, investors should review the Company's filings that are available at www.sedar.com.
This news 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, objectives, assumptions, expectations or beliefs of future performance are "forward-looking statements.". Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Director and Chief Executive Officer
SOURCE: Makara Mining Corp.
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