Majescor Announces the Closing of a $655,000 Non-Brokered Private Placement
OTTAWA, ONTARIO--(Marketwired - April 10, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Majescor Resources Inc. ("Majescor" or the "Corporation") (TSX VENTURE:MJX) announces the closing of a $655,000 non-brokered private placement (the "Offering") at $0.10 with one common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.16 per common share for a period of twenty-four (24) months expiring on April 7, 2019. The warrants are subject to a forced exercise provision that, should the Corporation's common shares trade at a price of $0.24 or more for thirty (30) consecutive days, the warrant holder will then have 30 days following the 30th day of trading to exercise the warrants before they expire.
All securities issued in the private placement are subject to a four-month hold period and to all necessary regulatory approvals, including the approval of the Exchange.
In connection with the private placement, the Company is paying a cash finder's fee of $15,200 and will issue 76,000 common shares and 76,000 non-transferable finder's warrants. Each finder's warrant entitles the holder to purchase one additional common share at a price of $0.16 per share for a period of twenty-four months expiring April 7, 2019.
The proceeds of the financing will be used for general corporate purposes.
About Majescor Resources Inc.
Majescor is a junior mining exploration company with an extensive portfolio of gold and diamond properties in Quebec.
Additional information about the Corporation is available under Majescor's profile on SEDAR at www.sedar.com.
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.