Fredonia Mining's Successful $1M Private Placement Announcement
Fredonia Mining Inc. Completes $1 Million Private Placement
Fredonia Mining Inc. (TSXV: FRED) has successfully concluded its recent non-brokered private placement, raising an impressive $1,000,000 through the sale of 33,333,333 units at a price of $0.03 each. This offers an exciting opportunity for investors and supports the Company’s ongoing projects and future potential.
Details of the Offering
Each unit sold within this private placement comprised one common share and a corresponding share purchase warrant. This warrant gives the holder the right to acquire an additional common share at $0.06 for a span of three years following the offering's closing date. The transaction was executed without any commission or finder’s fee, demonstrating the Company's commitment to maximizing investor returns while enhancing its capital structure.
Utilization of Funds
The funds from this offering are earmarked for crucial activities within the Company. Fredonia plans to focus on its exploration endeavors while preparing a comprehensive technical report aimed at investors. These efforts are vital for the Company's growth and will augment its corporate activities.
Compliance and Regulatory Matters
The offering was made to accredited investors in accordance with National Instrument 45-106. Following compliance protocols, the securities sold are subject to a hold period of four months and one day. Additionally, these securities will be bound by transfer restrictions until September 27, 2025, ensuring a structured investment and steady value for current shareholders.
Related Party Transactions
This transaction marked a significant milestone as it involved related party participation from key Company executives, including the CEO and directors. The Company adhered to established regulations defined under Multilateral Instrument 61-101, ensuring transparency and fairness throughout the process. We utilized necessary exemptions from formal valuation and minority approval requirements, providing an efficient path to execute the offering while safeguarding the interests of all shareholders.
About Fredonia Mining
Fredonia Mining holds a 100% interest in prime exploration licenses covering approximately 18,300 hectares in the desirable Deseado Massif region of Argentina. These licenses encompass several key areas, notably the El Aguila and El Dorado-Monserrat properties, which boast promising resource potential. The strategic location of these properties near established mines indicates significant opportunity for exploration and development.
Investor Relations Contact
For additional insights regarding the recent offering or to learn more about Fredonia Mining's strategic initiatives, interested parties can reach out to Carlos Espinosa, the Chief Financial Officer, via direct contact at +1-647-401-9292.
Frequently Asked Questions
What was the purpose of the $1 million private placement?
The funds are intended to finance ongoing exploration activities, a technical report, and overall corporate purposes.
Who participated in the private placement?
Key executives, including the CEO and other directors of the Company, participated on the same terms as other investors.
What are the terms of the warrants issued in this offering?
Each warrant allows the holder to purchase a common share at $0.06 for up to three years post-closing.
Where can I find more information about Fredonia Mining?
Further information is available on the Company's official website or by contacting their investor relations department directly.
What measures does the Company take for regulatory compliance?
Fredonia Mining complies with Canadian securities regulations, including National Instrument 45-106, to ensure all security offerings are properly conducted.
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