Musgrove Minerals announces $1,200,000 Non-Brokered Private Placement
(via Thenewswire.ca)
Vancouver, B.C. - Musgrove Minerals Corp. ("Musgrove" or the "Company") (TSX.V: MGS) this is to advise that the Company will not be proceeding with the proposed private placement announced in a news release dated April 27, 2011.
The Company announces a non-brokered private placement of up to 8,000,000 Units at a price of $0.15 per Unit for gross proceeds of $1,200,000. Each Unit will comprise of one common share in the capital of the Company (the "Shares") and one-half (1/2) share purchase warrant (the "Unit"), with each full warrant exercisable to purchase one additional Share over a 2 year period, at a price of $0.20 per Share in the first year and $0.30 per Share in the second year, subject to accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.40 per share for ten consecutive trading days. This private placement is subject to regulatory approvals.
Finders fees may be payable in this private placement.
The proceeds of the private placement will be used for the Empire Mine drill program and the Musgrove Creek work program.
BY ORDER OF THE BOARD
"Jatinder (Jack) Bal"
Jatinder (Jack) Bal
President and CEO
MUSGROVE MINERALS CORP.
For further information on Musgrove Minerals Corp., contact Jack Bal at (604) 633-2442, toll free 1-800-667-1442, e-mail jackbal@musgroveminerals.com, or visit our website at www.musgroveminerals.com
Neither the 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
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