Further to its press release of 7 December 2015, the Company closed one tranche of the Private Placement on 4 December 2015 and intends to close at least one more tranche prior to 14 January 2016.
Other than Latitude Minerals. who, as an insider, participated in the first tranche of the Private Placement, no further insiders are anticipated to participate in the Private Placement and no new insiders are anticipated to be created, nor will there be any change of control as a result of the Private Placement.
The Private Placement is subject to receipt of final approval of the TSX Venture Exchange. The securities issued will be subject to a four month hold period following the closing of the Private Placement.
The net proceeds from the Private Placement will be used to fund exploration work and for general and administrative purposes.
