VANCOUVER, British Columbia, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Aida Minerals Corp. (“Aida” or the “Company”) (CSE:AMC) (Frankfurt:2AD.F) is pleased to announce that it has closed in escrow a non-brokered private placement financing for gross proceeds of $1,600,000 through the sale of 8,000,000 units (each “Unit”) at $0.20 per unit.
Each unit consists of one (1) common share (“Common Share”) and one-half (1/2) of one transferable common share purchase warrant (“Warrant”), with each full warrant entitling the holder to acquire one additional Aida common share at an exercise price of $0.50 per share for a period of twelve (12) months from the closing date, subject to an acceleration clause (the “Acceleration Clause”). The Acceleration Clause provides that in the event that the Company’s common shares trade at a closing price greater than $1.00 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving written notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The Private Placement was approved by the directors of the Company. Aida intends to use the proceeds for the Greenstream acquisition announced in its October 6, 2017 news release, further investment opportunities, and general working capital purposes.
All securities issued in the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange (the “CSE”).
In addition, Aida has paid finders' fee in connection with the private placement. The finders were paid an aggregate cash sum of $114,336.00. In addition, the finders were granted an aggregate of 571,680 warrants (the “Finders’ Warrants”) exercisable into 571,680 common shares at a price $0.50 per share for a term of twelve months (12) from the date of closing, subject to the same terms as the Warrant.
ON BEHALF OF THE BOARD OF DIRECTORS
“David Alexander”
Chief Financial Officer
For further information, please contact:
James Hyland, B.Comm.
VP Corporate Development
(604) 442-2425
jamie@aidaminerals.co
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.