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Telson Mining closes on non-brokered private placement to raise $196,599

Estrategica Corporativa en Finanzas of Mexico has increased its stake in Telson via the private placement

Telson Mining Corporation - Telson Mining Corp closed a second and final trancnon-brokered private placement to raise $196,599
Telson director Roberto Guzman Garcia is the controlling mind of Estrategica

Telson Mining Corp (CVE:TSN) (OTCMKTS:SOHFF) has closed a second and final tranche of a non-brokered private placement announced in December. 

The second tranche consisted of 1,965,990 units at a price of $0.10 each for gross proceeds of $196,599, according to a statement on Thursday.

Each unit is comprised of one common share and one half of one whole transferable share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share at $0.25 within 24 months from closing. All securities issued are subject to a hold period expiring four months and one day after the closing date. 

READ: Telson Mining gets sufficient time to pay back Trafigura Mexico by June 2021

The company also issued 361,239 finder's units, which consist of one common share and one-half of one warrant exercisable into one common share at a price of $0.25.

In other company news, Telson said Estrategica Corporativa en Finanzas of Mexico has increased its stake in the company via the private placement. 

Estrategica acquired 1,412,400 shares of the company, and now owns 36,815,650 shares, representing about 22.82% of the 161,364,823 issued and outstanding shares of Telson on an undiluted basis and about 25.27% - 42,107,607 shares - on a partially diluted basis.

The group noted that Telson director, Roberto Guzman Garcia is the controlling mind of Estrategica, which is a Joint Actor with Promotora de Sistemas de Information and Macro Holdings & Investments. Guzman, Promotora, and Macro did not participate in the private placement. 

Together, the Joint Actors own and control 42,430,644 common shares and 5,745,197 warrants of Telson.

On a non-diluted basis, the Joint Actors own or control about 26.29% of the 161,364,823 outstanding shares of Telson and, on a partially diluted basis, they own about 28.83% of shares. 

Telson, based in Vancouver, owns two Mexican gold, silver and base metal mining projects.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Telson Mining Corporation

Price: 0.23 CAD

Market: TSX-V
Market Cap: $42.04 m

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