Minera Alamos (TSX.V: MAI)
Announced that it proposes to complete a non-brokered private placement of 7,950,000 common shares of the Company at a price of $0.55 per Share, for gross proceeds of $4,372,500.
The proceeds from the Offering will be used to advance the Cerro de Oro gold project. […]
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| Minera Alamos | TSX.v : MAI |
| Stage | Development |
| Metals | Gold |
| Market cap | C$228 m @ 51c |
| Location | Sonora, Zacatecas, Durango – Mexico |
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Minera Alamos Cerro de Oro map show neighbouring mines in Mexico
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Comment
Once again we see a junior mining company raising money, and as a producer it is perhaps a little disappointing.
There are a couple of reasons why this is different though.
The financing was fully subscribed, including the President investing over C$500,00 of his own money.
The financing was done at a fair price to minimise dilution. As a producer their price has held up well compared to exploration companies that are now having to finance at derisory prices compared to just two months ago.
It makes sense to order long lead items as early as possible, and one hopes, to lock in today’s price rather than for inflation to increase it in the future.
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Minera Alamos Announces Fully Subscribed Non-Brokered Private Placement
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June 23, 2022
Toronto, Ontario and Vancouver, British Columbia— (Marketwired – June 23rd 2022) Minera Alamos Inc. (the “Company” or “Minera Alamos”) (TSX VENTURE:MAI) announces that it proposes to complete a non-brokered private placement (the “Offering”) of 7,950,000 common shares of the Company (the “Shares”) at a price of $0.55 per Share, for gross proceeds of $4,372,500.
The proceeds from the Offering will be used to advance the Cerro de Oro gold project in a timely manner through permitting and to logistically plan for long-lead time orders of equipment and supplies that would be used in its construction as well as for general corporate purposes. The Offering is expected to close on or around July 15th 2022 and is conditional on the satisfaction of customary conditions, including approval of the TSX Venture Exchange (the “TSXV”). The securities issued pursuant to the Offering will be subject to a four-month hold period.
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Doug Ramshaw, President and Director of the Company has committed to subscribing for 950,000 Shares ($522,500).
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Minera Alamos management comments
“We are happy to have received the support of a longstanding institutional shareholder in the amount of $3.85 million that will allow us to plan and advance the Cerro de Oro gold project in an optimal manner as we drive its progress through permitting without drawing on financial resources committed to the advancement and growth of our Santana gold mine.
“I am happy to show my ongoing commitment to the Company through my participation alongside the other placee.”
Doug Ramshaw, President and Director
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No finders fees will be paid in conjunction with the Offering.
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.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
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Disclosure
At the time of writing the author holds shares in Minera, bought in the market at the prevailing price on the days of purchase.
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