Iconic Minerals closes $3.75 million private placement for Nevada project

Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: ICMFF) (FSE: YQG) announced it has filed for final acceptance from TSX Venture Exchange for a non-brokered private placement that raised $3,750,000 in gross proceeds.

The financing consisted of 30,000,000 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 company may accelerate warrant expiry if shares trade at $0.35 or higher for 10 non-consecutive trading days starting four months after closing.

Proceeds will fund drilling and exploration activities at the company's New Pass gold property in Nevada, along with general working capital requirements.

Finders will receive $57,881 in cash fees and 463,000 finders' warrants exercisable at $0.40 per share for two years, subject to the same acceleration clause.

All securities carry a four-month-and-one-day hold period in Canada. The financing requires TSX Venture Exchange approval to close.

The securities have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without registration or applicable exemption.

Richard Barnett serves as the company's Chief Financial Officer. The announcement was made on behalf of the Board of Directors according to the press release.

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