New Destiny Mining Increases Previously Announced Financing
31.03.2017 | FSCwire
Vancouver - New Destiny Mining Corp. (TSX.V: NED) (the “Company”) announces that it has increased the non flow-through units (the “NFT Units”) portion of the Company’s current private placement (see February 16th news release) from the original 1,400,000 NFT Units at a price of $0.18 per NFT Unit to 7,000,000 NFT Units at a price of $0.18 per NFT Unit for gross proceeds of up to $1,260,000, subject to TSX Venture Exchange acceptance.The Company is also amending the terms the non flow-through and flow-through warrants, repricing them both to $0.35 per share with each warrant exercisable into one additional common share for a period of two years from the date of issue, rather than the previously announced five years from the date of issue. The warrants are subject to a 20-day forced exercise provision if the closing price of the Company’s shares is $0.40 or higher for ten consecutive days.
All other details of the private placement can be found within the Company’s February 16th news release.
Proceeds will be used for exploration expenditures on the Company’s Treasure Mountain silver property in British Columbia, fulfilling its obligations pursuant to the Option Agreement with Ximen Mining Corp. announced on December 1, 2016 and general working capital. Finders’ fees may be payable in whole or in part on the private placement pursuant to the policies of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
“Robert Birmingham”
Robert Birmingham, President
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE 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: New Destiny Mining Corp. (TSX Venture:NED)