Probe Metals Completes $10 Million Private Placement
Toronto – PROBE METALS INC. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce that is has closed its previously announced non-brokered private placement for aggregate gross proceeds of C$10,040,000 (the “Offering”).
The Offering was comprised of 2,500,000 flow-through units of the Company (“FT Units”) at a price of C$2.80 per FT Unit and 1,900,000 hard dollar units of the Company (“Hard Units”, and together with the FT Units, the “Units”) at a price of C$1.60 per Hard Unit. Each FT Unit and each Hard Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one common share of the Company for 2 years from the closing of the Offering (the “Closing”) at a price of C$2.10.
The net proceeds from the Offering will be used to fund exploration on Probe’s projects in Québec and for working capital purposes. The Company has agreed to incur and renounce in favour of the subscribers of the FT Units “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) in an amount equal to the subscription price for the FT Units.
The Offering is subject to the receipt of regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”). All securities issued and issuable the Offering are subject to a hold period of four months and one day from closing.
About Probe Metals:
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,550-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Corporation currently owns approximately 11.6% of the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com or contact:
Director of Investor Relations