Tosca Mining Corp Closes First Tranche of Previously Announced Financing
17.12.2013 | FSCwire
Vancouver, British Columbia CANADA, December 17, 2013 /FSC/ - Tosca Mining Corp. (TSQ - TSX Venture, TQ4 - FWB, TQ4:FSE - Frankfurt), announces that it has received final approval from the TSX Venture Exchange on December 13, 2013 for the first tranche of its previously announced non-brokered private placement.( announced October 29, 2013). Terms of the financing are $.05 cents per unit with each unit consisting of one common share and one share purchase warrant which is non-transferable. Each warrant is exercisable at a price of $.075 cents per share for a period twelve months after closing and at a price of $.10 for an additional period of twelve months thereafter.To date $265,000 has been received for an issuance of 5,300,000 units.
All securities issued under the first tranche of the private placement are subject to a statutory hold period expiring on April 13, 2014, in accordance with applicable Canadian securities laws.
The Company paid a total of $7,350 and issued 245,000 warrants to Canaccord Genuity Corp., Richardson GMP Ltd. and Donald & Co. Ltd. as finders' fees on a portion of the first tranche. The terms of these warrants are the same as those of the financing. Insiders participated for $27,500 of the financing.
Proceeds from the placement will be utilized for initial work on its recently optioned Carol Copper Project located in Sonora, Mexico and for general working capital.
About the Carol Project
Tosca Mining has the option to purchase 100% of the Carol Project located less than 5 km from the Piedras Verdes Copper mine, in Sonora, Mexico, owned by the Invecture Group. Piedras Verdes is the third largest producing copper mine in Mexico.
The Carol Project, which has never been drilled, consists of extensive polymetallic skarn targets containing copper, silver, gold and zinc. Previous trench sampling results at Carol encountered excellent copper values, including 0.86% Cu over 48m and 1.96% Cu over 10m.
Ian Foreman, PGeo, is the qualified person according to NI 43-101 for the Carol property and is responsible for the technical information in this news release.
On behalf of the Board of Directors,
"Ron Shenton"
Ron Shenton, President & CEO Tosca Mining Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.