Mogotes Metals plans C$4 million private placement

Mogotes Metals Inc. (TSXV: MOG) announced its intention to complete a non-brokered private placement of up to 12.5 million units at C$0.32 per unit for gross proceeds of up to C$4 million.

Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase one common share at C$0.53 per share for three years from the closing date.

The Toronto-based mineral exploration company stated the offering satisfies certain pre-emptive rights held by existing shareholders. Proceeds will fund general corporate and working capital purposes.

Securities issued in Canada and the United States will be subject to a four-month-plus-one-day hold period from issuance. The closing requires regulatory approvals, including from the TSX Venture Exchange.

Mogotes explores for copper and gold in Argentina and Chile's Vicuña district. The company's flagship Filo Sur project is adjacent to the Filo del Sol copper-gold-silver discovery.

The announcement is based on a company press release statement.

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