Silvore Fox Minerals (SFX - TSX.V)
Shares Outstanding: 140.17 million
Fully Diluted: 149.5 million
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It was announced today that Silvore Fox Minerals closed a non-brokered private placement for gross proceeds of $2 million. It took Silvore Fox less than one month to fully subscribe this financing. In total 22,222,222 units were issued each consisting of one common share and one-half of one common share purchase warrant.
Each warrant entitles the holder to purchase an additional common share of the corporation at a price of 12 cents per share during the first 12 months from the date of issuance of the warrant and at a price of 15 cents per share during the second 12 months. Silvore Fox’s strategic Chinese partner, Beijing Donia Resources Co. participated as well picking up approximately 42% ($829,250) of the financing.
The net proceeds of the private placement will be used to finance Silvore Fox's acquisition and exploration activities and to provide general working capital.
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