MacDonald Mines Announces Appointment of New Director and Closes Private Placement
TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines” or the “Company”) is pleased to announce that it has appointed Mr. Pat Dubreuil to MacDonald Mines’ Board of Directors effective immediately.
Mr. Dubreuil is a successful businessman and entrepreneur who was named the “2016 Northern Ontario Business Entrepreneur of the Year”. In 2017, he was appointed President of Manitou Gold Inc., a junior mining company with projects in Ontario. From 2014 to 2018, Pat was the Research and Development Director for the Centre of Excellence in Mining Innovation’s Ultra Deep Mining Network (UDMN). Previously, he held the positions of Vice-President of Business Development & Marketing at BESTECH Engineering, General Manager at ACR Fuller Industrial and Director of Sales at Les Entreprises Boréal. He holds an MBA from Athabasca University and an Honours degree in Psychology and Business from the University of Ottawa.
Quentin Yarie, MacDonald’s President and CEO commented, "We are excited to welcome Pat to MacDonald Mines. Pat has deep roots in Northern Ontario and he has been a champion for exploration and mining in the north. His wealth of experience and connections to the Sudbury community will be invaluable as we develop the Scadding Mine and our SPJ Project.”
Mr. Dubreuil replaces Mr. Al Wiens who was temporarily appointed to the Board, earlier this month, following the passing of Mr. Gord McKinnon.
Private Placement
On August 26, 2019, the Company closed a second tranche of a non-brokered private placement financing (the “Offering”) for gross proceeds of $518,000. The total proceeds from the Offering equal $955,780.
For this closing tranche, MacDonald Mines issued 10,160,000 non-flow-through units (“Units”) and 200,000 flow-through shares (“FT shares”) of the Company, each priced at $0.05. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant, which is exercisable to acquire one additional common share for a period of 24 months from the issuance thereof at a price of $0.075 per share.
In consideration for their services, Finders received a cash commission of $34,040 and were issued 656,000 non-transferrable compensation options (“Compensation Options”), with each Compensation Option being exercisable into one Common Share of the Company at a price of $0.05 for a period of 24 months from the date of closing of the Offering.
The gross proceeds from the issuance of the FT Shares will be used for Canadian Exploration Expenses and will qualify as “flow-through mining expenditures” (the “Qualifying Expenditures“), as defined in subsection 127(9) of the Income Tax Act(Canada). The proceeds from the Offering will be primarily used for exploration and general working capital purposes.
The securities issued under the Offering will be subject to a hold period of four months and one day from the date of issuance. The Offering is subject to final approval of the TSX Venture Exchange.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold exploration in Canada. The Company recently acquired the high-grade past-producing and permitted Scadding Gold Mine and is focused on developing its large SPJ Project in Northern Ontario.
The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".
To learn more about MacDonald Mines, please visit www.macdonaldmines.com
For more information, please contact:
Quentin Yarie, President & CEO, (416) 364-4986, qyarie@macdonaldmines.com
Or Mia Boiridy, Investor Relations, (416) 364-4986, mboiridy@macdonaldmines.com
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
