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Essex Minerals closes C$2.75M non-brokered private placement to fund mineral projects and exploration expenses

The Vancouver-based company issued 5 million common shares at C$0.55 each

Essex Minerals Inc. - Essex Minerals Inc closes its non-brokered private placement that raised C$2.75 million to fund its mineral projects and exploration expenses
Essex operates a gold and silver project at its Cumberland property in North Queensland, Australia, where it kicked off a diamond drilling program in July

Essex Minerals Inc (CVE:ESX) said Tuesday it has closed its non-brokered private placement, raising C$2.75 million in gross proceeds to fund its mineral projects and exploration expenses.

The company issued 5 million common shares at C$0.55 each. All of the securities are subject to a hold period, which will expire January 22, 2021.

Essex Minerals paid finders' fees in connection with the financing consisting of C$0.06 a share in cash or common shares and 6% finders' share purchase warrants entitling the holders to purchase one common share at C$0.55 each for two years. 

READ: Essex Minerals hits high-grade gold and silver with first drill hole at Queensland project

The company said it paid C$2,475 cash, 54,600 shares and 59,100 finders' warrants to Primary Capital Inc, C$68,310 cash and 124,200 finders' warrants to Goodman & Company Investment Counsel Inc, 56,600 shares and 54,600 finders' warrants to Clarus Securities Inc, and 62,100 shares and 62,100 finders' warrants to Canaccord Genuity (Australia) Ltd.

Directors and officers of the company did not participate in the financing due to strong demand from institutional investors, Essex Minerals added. 

Essex Minerals operates a gold and silver project at its Cumberland property in North Queensland, Australia, where it kicked off a diamond drilling program in July. The Cumberland property has four granted exploration permits covering 25,024 hectares, 70 kilometres northwest of the former 3.5-million-ounce Kidston gold mine.

Essex Minerals, based in Vancouver, is focused on mineral exploration and development opportunities where it can adopt an option earn-in and joint venture model.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Essex Minerals Inc.

Price: 0.285 CAD

TSX-V:ESX
Market: TSX-V
Market Cap: $8.25 m
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Essex Minerals first drill hole at Cumberland Gold project returns...

Essex Minerals (CVE: ESX) CEO Paul Loudon joined Steve Darling from Proactive Vancouver to bring news the company has released the result of their first drill holes from the Cumberland gold and silver project in Queensland, Australia. Loudon discusses the strong results they have seen so far,...

on 2/9/20

2 min read