Mogotes Metals receives final approval for $22.2 million private placement

Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (OTCQB: MOGMF) announced it received final approval from the TSX Venture Exchange for its non-brokered private placement of 111,200,000 units for aggregate gross proceeds of $22,240,000.

The company said proceeds of $3,737,933.20 were released on August 20, representing subscription proceeds from the sale of 18,689,666 units that were released from escrow to an associated entity of the Braun family.

Aster Blue Ltd. acquired 45,000,000 units for $9,000,000 in connection with the final approval. Each unit comprised one common share and one-half of a warrant, with each whole warrant exercisable to acquire one common share at $0.40 per warrant share until July 4, 2027.

Prior to the offering, Aster Blue held no common shares in the company. Following completion, Aster Blue now holds 45,000,000 common shares, representing approximately 11.99% of issued and outstanding common shares, and 22,500,000 warrants. If Aster Blue exercises all warrants, it would own approximately 16.97% of outstanding common shares on a partially diluted basis.

Mogotes Metals is a mineral exploration company exploring for copper and gold in the Vicuña district of Argentina and Chile. The company's flagship project, Filo Sur, adjoins the Filo del Sol copper-gold-silver discovery.

Information is based on a company press release statement.

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