Essex Minerals Inc. (TSX-V:ESX) announced that it has completed the first tranche of its non-brokered private placement, raising C$744,500 in gross proceeds by issuing 37,225,000 company units at a price of C$0.02 per unit.
The project generator said net proceeds from the financing will be used for general working capital purposes, the company’s mineral project and royalty generative activities, and exploration expenditures on its existing mineral projects.
Each unit of the offering consisted of one company common share plus one common share purchase warrant, with one whole warrant entitling the holder to purchase an additional Essex common share at a purchase price of $0.05 per warrant share for a period of 60 months from the date of closing.
READ: Essex Minerals says it is arranging a non-brokered private placement to raise gross proceeds of $880,000
Essex noted that it anticipates the final tranche will close by October 5, 2022.
The company added that in connection with the closing of the first tranche, it paid C$22,820 and issued 1,141,000 finder's warrants to Canaccord Genuity (TSX:CF, LSE:CF) Corp and C$7,000 and 350,000 finder's warrants to Primary Capital Inc, with each finder's warrant being exercisable into one Essex Minerals common share at C$0.05 for a period of 60 months.
Essex Minerals is a Vancouver-based project generator focused on mineral exploration and mine development, with a particular emphasis on gold projects in Tier 1 jurisdictions.
Contact Sean at sean@proactiveinvestors.com