pcNewsWire – Toachi Mining Inc. (TSX-V: TIM) has closed its previously announced non-brokered private placement of 9,312,500 common shares at $0.40 per share for gross proceeds of $3,725,000.
Proceeds will be used for general corporate purposes and for advancing the company’s La Plata gold-copper-zinc-silver project in Ecuador.
News Release
Toachi Mining Closes $3.725 Million Offering
Toronto, Ontario – June 14, 2017: Toachi Mining Inc. (“Toachi” or the “Company”) (TSXV-TIM) is pleased to announce that it has closed its previously announced non-brokered private placement offering of 9,312,500 common shares of the Company (the “Shares”) at a price of $0.40 per Share for aggregate gross proceeds to the Company of $3,725,000 (the “Offering”).
The net proceeds from the Offering are intended to be used for general corporate purposes and for advancing the Company’s La Plata gold-copper-zinc-silver project in Ecuador. For additional information on the La Plata project, please visit Toachi’s website at www.toachimining.com or www.sedar.com.
Nick Tintor, President and CEO, stated, “This financing will enable us to accelerate the advancement of the high grade La Plata gold-copper-zinc-silver project in Ecuador including the start of new exploration drilling. ”
Program Update
With the closing of this financing, Toachi has started a new 5,000-metre (m) exploration drill campaign which will test nine priority exploration targets which have been assessed and ranked by the Company’s technical team. This is the first exploration drilling on the project since Toachi’s field program began in July, 2016.
Deposit definition drilling, totalling approximately 14,000 m at La Mina, will be completed this month with a maiden 43-101 resource estimate planned for delivery by August. In connection with the Offering, the Company paid commission to Primary Capital Inc., Beacon Securities Limited and Echelon Wealth Partners Inc. equal to 6% of the gross proceeds raised under the Offering and also issued compensation warrants representing 6% of the Shares issued pursuant to the Offering, each of which is exercisable to acquire one common share of the Company at a price of $0.40 until June 14, 2019.
All securities issued in connection with the Offering are subject to a four month hold period plus one day in accordance with applicable Canadian securities laws, commencing on the closing date of the Offering. The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Toachi Mining Inc.
Toachi brings a disciplined and veteran team of project managers together with a high grade gold-copper-silver-zinc project at La Plata in Ecuador. Toachi is focused on and committed to the development of advanced stage mineral projects throughout the Americas using industry best practices combined with a strong social license from local communities. Subsequent to the closing of the Offering, Toachi Mining has 60,966,435 shares issued and outstanding.
FOR ADDITIONAL INFORMATION PLEASE CONTACT
Nick Tintor, President and CEO Telephone: 416 987 0855 Email: ntintor@rgmi.ca
Neither 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.
