Palamina Announces $2 Million Private Placement
Toronto, Ontario–(Newsfile Corp. – February 1, 2018) – Palamina Corp. (TSXV: PA) (“Palamina” or the “Company“) is pleased to announce that it will conduct a non-brokered private placement offering (the “Offering“) of up to 6,666,667 units (“Units“) at a purchase price of $0.30 per Unit, for aggregate gross proceeds of up to $2,000,000.
Each Unit consists of one common share (“Common Share“) and one warrant (a “Warrant“). Each Warrant is exercisable to acquire one Common Share at a price of $0.50 for a period of 18 months from the closing date, provided that if after four months and one day following the closing of the Offering, the closing price of the Common Shares on the TSX Venture Exchange (“TSX-V“) is equal to or greater than $0.90 for 10 consecutive trading days, then the Company may accelerate the expiry date of the Warrants by disseminating a press release, and in such case the Warrants will expire on the 45th day after the date on which such press release is disseminated.