Home / Mining Company News Releases (Unreviewed) / Hornby Bay Announces Closing of First Tranche of Unit Private Placement

Hornby Bay Announces Closing of First Tranche of Unit Private Placement

Toronto, Ontario–(Newsfile Corp. – November 8, 2019) – Hornby Bay Mineral Exploration Ltd. (TSXV: HBE) (the “Company“) announces that further to its press release dated October 16, 2019, announcing a proposed private placement (the “Offering“) of up to 25,000,000 units (“Units“) of the Company, it has completed a first tranche of the Offering consisting of 12,500,000 Units at a price of $0.05 per Unit for gross proceeds of $625,000. Each Unit is comprised of one common share (a “Common Share“) and one-half of one Common Share purchase warrant and entitles the holder thereof to acquire a Common Share for a period of two years from the date of issuance, exercisable at a price of $0.10 per Common Share.

In connection with the closing of the first tranche, the Company paid finder’s fees to a qualified individual (the “Finder“). The Finder received a fee equal to $43,750 representing 7% of the gross proceeds of the Offering and issued finder warrants (“Finder Warrants“) entitling the Finder to purchase 875,000 Common Shares, representing 7% of the aggregate number of Units sold by such Finder under the Offering, at a price of $0.10 per Common Share for a period of two years from the date of issuance.

The securities issued are subject to a four month hold period, expiring on March 9, 2020. Completion of the private placement is subject to final acceptance of the TSX Venture Exchange.


Fred Leigh
President & Chief Executive Officer
Tel: 416.861.5933

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.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49577


Disclaimer: This is an unedited and minimally reviewed public mining company press release originally published at http://www.newsfilecorp.com/release/49577/Hornby-Bay-Announces-Closing-of-First-Tranche-of-Unit-Private-Placement. We have linked to our knowledge base articles from within the content of this release in order to help explain some of the terminology used and provide continuity from previous and related news coverage. You can access more in-depth mining company project reviews on our site, as well a knowledge base of articles on mineral exploration, mining and geology-related topics.

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