NEW DESTINY CLOSES FLOW-THROUGH FINANCING
Vancouver, Canada, October 5, 2017 – New Destiny Mining Corp. (“New Destiny” or the “Company”) (TSX-V: NED) is pleased to announce that it has closed a non-brokered private placement of 681,818 flow-through units (the “FT Units”) at a price of $0.22 per FT Unit for aggregate gross proceeds of $150,000 (the “FT Private Placement”).
Each FT Unit consists of one common share of the Company (a “Share”) and one common share purchase warrant (a “FT Warrant”). Each Warrant entitles the holder to purchase one additional Share (a “Warrant Share”) at a price of $0.35 per Warrant Share for a period of twenty-four (24) months from the date of issuance. The FT Warrants are subject to an acceleration clause whereby if the Shares trade equal to or greater than $0.40 for a period of ten (10) consecutive trading days, then the Company may, at its discretion, give notice to the holders of the FT Warrants that the expiry time of the FT Warrants has been accelerated and the FT Warrants will expire on a date that is not less than twenty (20) days after notice is given.
Two (2) directors of the Company participated in the FT Private Placement acquiring a total of 300,000 FT Units on the same basis as other subscribers. The participation in the FT Private Placement by insiders of the Company constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement as the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25% of the Company’s market capitalization.
The previously announced transaction with Ximen Mining Corp. involving the Treasure Mountain Silver Property located 30km east of Hope, British Columbia (the “Transaction”) is subject to, among other things, obtaining all necessary regulatory approvals, including the TSX Venture Exchange (“TSXV”). If completed, the Transaction will constitute a “Fundamental Acquisition” as such term is defined in TSXV Policy 5.3. The common shares of New Destiny will remain halted until the TSXV has reviewed and approved the Transaction.
For further information on New Destiny contact Robert Birmingham, New Destiny’s President and Chief Executive Officer, at 604-783-0499.
ON BEHALF OF THE BOARD OF DIRECTORS
“Robert Birmingham” Robert L. Birmingham, President and Chief Executive Officer