VANCOUVER, British Columbia, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Aida Minerals Corp. (“Aida” or the “Company”) (CSE:AMC) (Frankfurt:2AD.F) is pleased to announce that further to its news release dated November 2, 2017, it has closed a non-brokered private placement financing for gross proceeds of $1,649,936 through the sale of 8,249,680 units (each “Unit”) at $0.20 per Unit, with each Unit consisting of one (1) common share (“Common Share”) and one-half (1/2) of one transferable Common Share purchase warrant (“Warrant”). Each full Warrant entitles the holder to acquire one additional 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.
Aida intends to use the private placement proceeds for 1) debt settlement (based on Q2 financial statement current liabilities of $684,833); 2) general and administrative expenses (based on Q2 estimated expenses of $300,000); and 3) working capital. Another $530,000 would go towards the acquisition and the first six months of expenses for Greenstream, as previously disclosed in the Company’s October 6, 2017 and November 6, 2017 news releases.
In addition to accredited investors and family, friends, and business associates, the Company made the private placement available to certain subscribers pursuant to BC Instrument 45-536 - Exemption from prospectus requirement for certain distributions through an investment dealer (the “Investment Dealer Exemption”). In accordance with the requirements of the Investment Dealer Exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.
As a result of the Greenstream acquisition, management of the Company has elected to terminate the option to acquire an undivided 100% interest in the Tay-LP property (“Tay-LP”) located in the Watson Lake Mining District, Yukon Territory.
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.