Private Placement Financing
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, May 2, 2018 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the "Company" or "Mirasol") announced a non-brokered private placement of up 2,500,000 Units of the Company ("Units") at a price of $2.00 per Unit, to raise aggregate gross proceeds of up to $5,000,000 (the "Offering"). Each Unit shall consist of one common share and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each warrant is exercisable into one additional common share of the Company for a period of 24 months from closing at an exercise price of $3.00 per share. A substantial portion of the proceeds from the sale of the Units will be used to further explore and test certain prospective gold and silver projects in Santa Cruz Province Argentina, and the balance will be used for general working capital.
The closing of the Offering is anticipated to occur on or around June 15, 2018, and is subject to certain conditions including but not limited to the acceptance of the TSX Venture Exchange. The Company may, in appropriate circumstances, pay up to a 5% finder's fee to registered securities dealers.
Mirasol intends to expand its exploration strategy to accelerate the drill testing of its large gold, silver and copper project portfolio (click on this link for further information on the exploration strategy). The strategy will combine Mirasol funded drill testing of select high-grade gold and silver targets in Santa Cruz, with joint venture partner-funded drill testing of Mirasol's larger-scale, higher risk/higher reward targets across our project portfolio. The objective of the strategy is to retain the Project Generator Model as a central pillar of the Company's business philosophy, while delivering concurrent aggressive exploration programs on the balance of our Santa Cruz project portfolio. The self-funded drill testing of our Santa Cruz properties not currently under joint venture will give Mirasol greater deal making leverage and better position it to monetize its assets in the event of positive exploration results. The Company believes that its new strategy will accelerate the path to discovery and shareholder wealth creation.
The Units will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of the Provinces of British Columbia, Alberta, Ontario and such other Canadian jurisdictions as may be agreed to by the Company, and in the United States and Europe. All securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the Closing Date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Stephen Nano, President and CEO of Mirasol, has approved the technical content of this news release and is a Qualified Person under NI 43 -101.
About Mirasol Resources Ltd:
Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age Au+Ag district of Santa Cruz Province Argentina.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues, mineral recovery processes and the process to complete the private placement. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE Mirasol Resources Ltd.
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