Iconic Minerals closes $3.75 million private placement financing

Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: ICMFF) (FSE: YQG) received final acceptance from TSX Venture Exchange to close its non-brokered private placement for gross proceeds of $3.75 million.

The financing consisted of 30 million units priced at $0.125 per unit. Each unit includes one common share and one warrant exercisable at $0.17 per share for two years from issuance. The warrants contain an acceleration clause allowing the company to shorten the expiry period to 30 days after notice if shares trade at $0.35 or higher for 10 non-consecutive trading days after four months from closing.

Warrant holders cannot exercise more than 9.9% of outstanding shares on an undiluted basis without submitting documentation for exchange review.

The company will use proceeds for drilling and advancing exploration activities at its New Pass gold property in Nevada and general working capital purposes.

Eligible finders will receive $57,881 in cash and 463,000 finder warrants exercisable at $0.17 per share for two years with the same acceleration clause terms.

All securities are subject to a four-month and one-day hold period in Canada. The securities have not been registered under U.S. securities laws and cannot be offered or sold in the United States without registration or applicable exemption.

The information is based on a company press release statement.

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