Mogotes raises C$27 million in private placement

Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (OTCQB: MOGMF) completed a private placement raising aggregate gross proceeds of C$26,999,992.63, the company announced.

The Toronto-based mineral exploration company issued 86,792,425 units at C$0.265 per unit and 12,500,000 units at C$0.32 per unit. Each unit comprises one common share and one-half of one common share purchase warrant. The warrants allow holders to acquire one common share at C$0.53 per share for three years from closing.

CD Capital Fund IV L.P. received 20,103,197 units with subscription proceeds of C$5,327,347.205 held in escrow pending TSX Venture Exchange approval. Mogotes entered into an investor rights agreement granting CD Capital preemptive rights to maintain ownership while holding 5% or more of issued shares, top-up rights for dilution exceeding 2%, an option to increase holdings to 19.9% of outstanding shares within five years, and the right to nominate one board director.

An insider purchased 16,000,000 units, constituting a related party transaction under TSX Venture Exchange policies. The company relied on exemptions from valuation and minority shareholder approval requirements as it is not listed on a specified market and the insider's participation does not exceed 25% of market capitalization.

Securities issued in Canada and the United States are subject to a four-month-plus-one-day hold period under Canadian securities legislation. Some units issued under Ontario Securities Commission Rule 72-503 are not subject to statutory hold periods.

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

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