SMR - Shine Minerals Corp. Closes Financing
(TheNewswire)
Kelowna, British Columbia – TheNewswire - June 15, 2023 - Shine Minerals Corp.(the " Company ")(TSXV:SMR.H) is pleased to announce the closing of itspreviously-announced private placement (the "PrivatePlacement") of 6,401,785 units (the "Units") at a priceof $0.056 per Unit, for gross proceeds of $358,500.
3,366,071 of the Units are comprised of one common share and onecommon share purchase warrant and 3,035,713 of the Units arecomprised of one common share and one-half share purchase warrant (the"Warrants"). Each of the 4,883,928 Whole Warrants entitlethe holder to acquire one additional common share of Shine MineralsCorp. at a price of $0.075 until June 15, 2024.
The net proceeds from the issuance of the Units will be used forgeneral and administrative purposes and for exploring miningopportunities that may be of interest for the Company.
No finder's fees or commissions were paid in connection with thePrivate Placement.
Certain insiders of the Company acquired 3,035,713 Units with one-halfwarrants, pursuant to the Private Placement. The issuance of Units toinsiders is considered to be a related party transaction within themeaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument61-101 (“MI 61-101”). The Company has relied on the exemptionsfrom the valuation and minority shareholder approval requirements ofMI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b)of MI 61-101 in respect of any Insider participation.
All securities issued upon closing will be subject to astatutory 4-month and one day hold period.
The Company further announces that previously announcesshares-for-debt settlement to settle an aggregate $170,000 in debtthrough the issuance of Debt shares at a deemed value of $0.056 pershare to certain creditors of the corporation, is subject to finalacceptance of the TSX Venture Exchange (“ TSXV ”).
About Shine Minerals Corp.
Shine Minerals Corp is a Canada-based natural resourcefocused company. The Company is engaged in the acquisition,exploration, evaluation, and development of mineral resourceassets .
On Behalf Of The Board
Devinder Randhawa
CEO and Director
For more information pleaseContact:
Mr. James Bannerman
Tel: 1-866-979-7022
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Cautionary Statement RegardingForward Looking Information
This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, statementsthat address the Company’s plans for itsproperties/projects, the closing of the debtsettlement, other statements relating to the technical, financial andbusiness prospects of the Company, and other matters. All statements in this news release, other than statements ofhistorical facts, that address events or developments that the Companyexpects to occur, are forward-looking statements. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Suchstatements and information are based on numerous assumptions regardingpresent and future business strategies and the environment in whichthe Company will operate in the future, including the price of metals,the ability to achieve its goals, that general business and economicconditions will not change in a material adverse manner, thatfinancing will be available if and when needed and on reasonableterms. Such forward-looking information reflects the Company’s viewswith respect to future events and is subject to risks, uncertaintiesand assumptions, including those filed under the Company’s profileon SEDAR at www.sedar.com . The Companydoes not undertake to update forward?looking statements orforward?looking information, except as required by law.
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