District Announces Closing of $2.4 Million Non-Brokered Private Placement, Grant of Stock Options and Change of Corporate Secretary
VANCOUVER, June 8, 2020 - District Metals Corp. (TSX-V: DMX; "District" or the "Company") is pleased to announce that further to its news release of May 20, 2020 and May 22, 2020, it has closed a non-brokered private placement offering of 20,000,000 common shares of the Company (the "Shares") at a price of CDN$0.12 per share for aggregate gross proceeds of CDN$2.4 million (the "Private Placement").
The Private Placement included an affiliate of the Sprott Group who subscribed for 6.0 million Shares, representing 11.31% of the Company's outstanding common shares after completion of the Private Placement.
Garrett Ainsworth, President & CEO of District, commented: "I would like to welcome several new and prominent investors into District Metals Corp. through our recently completed and oversubscribed financing, and also thank existing shareholders for their continued support. We are now well-positioned to execute on our exploration plans to prove up the prospective Polymetallic Tomtebo Property located in south-central Sweden."
- Published: 08 June 2020
- Written by Editor