Aida Minerals Confirms Closing of Private Placement and Announces Termination of Tay-LP Option Agreement
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Aida intends to use the private placement proceeds for 1) debt settlement (based on Q2 financial statement current liabilities of $684,833); 2) general and administrative expenses (based on Q2 estimated expenses of $300,000); and 3) working capital. Another $530,000 would go towards the acquisition and the first six months of expenses for Greenstream, as previously disclosed in the Company’s October 6, 2017 and November 6, 2017 news releases.
In addition to accredited investors and family, friends, and business associates, the Company made the private placement available to certain subscribers pursuant to BC Instrument 45-536 - Exemption from prospectus requirement for certain distributions through an investment dealer (the “Investment Dealer Exemption”). In accordance with the requirements of the Investment Dealer Exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.
As a result of the Greenstream acquisition, management of the Company has elected to terminate the option to acquire an undivided 100% interest in the Tay-LP property (“Tay-LP”) located in the Watson Lake Mining District, Yukon Territory.
ON BEHALF OF THE BOARD OF DIRECTORS
“David Alexander”
Chief Financial Officer
For further information, please contact:
Aida Minerals Corp.
James Hyland, B.Comm., VP Corporate Development
(604) 442-2425
jamie@aidaminerals.co
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.