Morocco Strategic Minerals increases private placement to $7.5 million

Morocco Strategic Minerals Corporation (TSXV: MCC) announced it has increased its non-brokered private placement from $5 million to $7.5 million due to investor demand. The company will sell up to 50 million units at $0.15 per unit.

Each unit consists of one common share and one half of a common share purchase warrant. The warrants allow holders to acquire additional common shares at $0.25 per share for 24 months following the offering's closure.

The offering requires approvals including from the TSX Venture Exchange. Securities issued will be subject to a four-month and one-day statutory hold period under Canadian securities legislation.

Morocco Strategic Minerals plans to use proceeds for acquiring and developing mining assets in Morocco and for general corporate purposes. The company may pay finder's fees to third parties for certain subscriptions but has not retained an agent for the offering.

The Montreal-based mineral exploration company focuses on natural resource properties in Canada and Morocco. The information is based on the company's press release statement.

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