ADZ:CC - Adamera Closes Financing
(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 25, 2023 - Adamera MineralsCorp. (TSX-V:ADZ ) ( OTC:DDNFF) announcesit has closed a private placement financing of 5,000,000 units forgross proceeds of $250,000 and a flow-through financing for 1,160,000shares for gross proceeds of $58,000.
Each non-flow-through unit was priced at $0.05 and consists of onecommon share and one common share non-transferable warrant, with eachwarrant entitling the holder to purchase one common share at a priceof $0.05 until October 24, 2026. Each flow-through share was pricedat $0.05.
The securities issued pursuant to the private placement are subject toa four-month hold period expiring on February 25, 2024. No finder’sfees were paid for this financing.
A director and an officer of the Company purchased or acquireddirection and control over a total of 800,000 flow through sharesunder the private placement. The placement to those personsconstitutes a “related party transaction” within the meaning ofTSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions(“MI 61-101”) adopted in the Policy. The Company has relied onexemptions from the formal valuation and minority shareholder approvalrequirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a)of MI 61-101 in respect of related party participation in theplacement as neither the fair market value (as determined under MI61-101) of the subject matter of, nor the fair market value of theconsideration for, the transaction, insofar as it involved the relatedparties, exceeded 25% of the Company's market capitalization (asdetermined under MI 61-101).
The Company intends to use the proceeds from the flow-throughfinancing for Canadian Exploration Expenditures as defined in theIncome Tax Act, Canada on the South Hedley Project in southeasternBritish Columbia and use the proceeds from the non-flow-throughfinancing for exploration and corporate operations.
About Adamera
Adamera Minerals Corp. is exploring for a high-grade gold deposit nearRepublic Washington. This area has reportedly produced 8 millionounces of gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
Mark Kolebaba
President & CEO
For additional information please contact:
Email: info@Adamera.com
Website: www.Adamera.com
The TSX Venture Exchange has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release. Statements in this press release, other thanpurely historical information, including statements relating to theCompany’s future plans and objectives or expected results, mayinclude forward-looking statements. Forward-looking statements arebased on numerous assumptions and are subject to all of the risks and uncertainties inherent inresource exploration and development. As a result, actual results mayvary materially from those described in the forward-lookingstatements.
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