Iconic Minerals Ltd. Announces First Tranche Closing of Financing
Vancouver, February 29, 2016 - Iconic Minerals Ltd. (TSX-V: ICM / FSE: YQG) announces that on February 26, 2016 it received conditional acceptance from the TSX Venture Exchange to close the first tranche of its private placement (refer to ICM News Release dated February 23, 2016). In accordance with the provisions of Subscription Agreements, on February 29, 2016 the Company issued a total of 4,075,000 Units at a price of $0.05 per Unit, each Unit being comprised of one common share and one-half share purchase warrant, each whole warrant being exercisable into one common share for a period of two (2) years from the date of issuance at $0.075 in the first year, and thereafter at $0.15 in the second year.
A total of $5,500 cash and 10,000 common shares were issued at a deemed price of $0.15 per share as finders' fees in connection with this first tranche closing. The Company anticipates closing the balance of this financing shortly.
These shares, together with any shares that may be issued on exercise of the warrants are subject to a hold period under applicable Canadian securities laws expiring on June 30, 2016, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
On behalf of the Board of Directors
SIGNED: "Richard Barnett"
Richard Barnett, CFO
Contact: (604) 336-8614
For further information on ICM, please visit our website at www.iconicmineralsltd.com
The Company's public documents may be accessed at www.sedar.com
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2016 TheNewswire - All rights reserved.