Tosca Mining Corp Closes Second and Final Tranche of Previously Announced Financing
03.01.2014 | FSCwire
Vancouver, British Columbia CANADA, January 02, 2014 /FSC/ - Tosca Mining Corp. (TSQ - TSX Venture, TQ4 - FWB), (the `Company` or `TSQ`) announces the closing of a second and final tranche of its $300,000 best efforts non-brokered financing 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. The financing is subject to regulatory approval. The second tranche consisted of $30,000 being received for an issuance of 600,000 units. A total of $295,000 of the financing has been subscribed for.
All securities issued under the second tranche of the private placement are subject to a statutory hold period expiring on May 3, 2014, in accordance with applicable Canadian securities laws.
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. In addition, The Board of Directors authorized the allocation of 890,000 stock options to directors and consultants at a price of $.08 for a period of five years.
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.