TSX-V: MSR
TORONTO, Dec. 10, 2019 /CNW/ - Minsud Resources
Corp. (TSX-V: MSR) ("Minsud" or the "Company") is pleased to
announce the closing of a non-brokered private placement offering
of units in Minsud (the "Units") for gross proceeds of
$425,100 (the "Private
Placement"). In connection with the closing of the Private
Placement, which was initially announced on November 25, 2019, Minsud issued 4,251,000 Units
at a price of $0.10 per Unit with
each Unit comprising of one common share in the capital of the
Company (the "Shares") and one common share purchase warrant
(the "Warrants"). Each Warrant is exercisable into one Share
at $0.15 until December 10, 2021.
The net proceeds will be used to continue exploring the Chita
Valley Project as well as working capital and corporate overhead
requirements.
Insiders of the Issuer purchased an aggregate 2,004,000
Units. The Company has relied on the exemptions from the
valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in
respect of such insider participation. The Company did not
file a material change report more than 21 days before the expected
closing of the Private Placement as the details of the
participation by such insiders was not settled until shortly prior
to closing of the Private Placement.
The securities issued in connection with the closing of the
Private Placement will be subject to a four month hold period
expiring on April 11, 2020. No
commission or finder's fee was paid in connection with the Private
Placement.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its
flagship Chita Valley Cu-Mo-Au-Ag Project, in the Province of San
Juan, Argentina. The Company also
holds a 100% owned portfolio of selected early stage prospects,
including 6,000 ha in Santa Cruz
Province, Argentina.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain information that may
constitute forward-looking information under applicable Canadian
securities laws. Forward-looking information includes, but is not
limited to, strategic plans, spending commitments, future
operations, results of exploration, anticipated financial results,
future work programs, capital expenditures and objectives.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information including, but not limited to: changes
in national and local government, legislation, taxation, controls,
regulations and political or economic developments in Canada and Argentina or other countries in which the
Company may carry on business in the future; operating or technical
difficulties in connection with exploration and development
activities; fluctuations in the currency markets (such as the
Canadian dollar, Argentina peso,
and the U.S. dollar); risks and hazards associated with the
business of mineral exploration and development (including
environmental hazards or industrial accidents); risks relating to
the credit worthiness or financial condition of suppliers and other
parties with whom the Company does business; presence of laws and
regulations that may impose restrictions on mining, including those
currently enacted in Argentina;
employee relations; relationships with and claims by local
communities; availability and increasing costs associated with
operational inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses, permits and approvals from government
authorities; business opportunities that may be presented to, or
pursued by, the Company; challenges to, or difficulty in
maintaining, the Company's title to properties; risks relating to
the Company's ability to raise funds; fluctuations in commodity
prices and the factors identified in the Company's continuous
disclosure documents filed on SEDAR. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. All
forward-looking-information contained in this news release is given
as of the date hereof and is based upon the opinions and estimates
of management and information available to management as at the
date hereof. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
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.
SOURCE Minsud Resources Corp.