Secova Metals (SEK.V) Closes $314,835 Private Placement
– Momentum Public Relations – August 2, 2016
Secova Metals Corp. (SEK.V) has closed its non-brokered private placement pursuant to which the company has issued 4,178,818 flow-through shares at a purchase price of 5.5 cents per flow-through share and 1.8 million common shares at a purchase price of five cents per common units (non-flow-through (NFT) units) for total gross proceeds of $314,835. The NFT units also have a one-half warrant that, when combined into a whole warrant, allow the holder to purchase one common share of the company at 10 cents for a period of one year.
In connection with the financing, the company will pay a $17,467 cash commission and issue 310,305 finder warrants for the FT shares and 8,000 finder warrants for the NFT units. The FT finder warrants and NFT finder warrants will be exercisable into common shares for a period of one year at an exercise price of 5.5 cents and five cents, respectively, per common share.
The issuance of the FT shares, NFT shares and finder warrants is subject to TSX Venture Exchange approval and, once issued, subject to a four-month-and-one-day hold period.
Proceeds from the financing will be used for exploration and development of the company’s Duvay advanced gold project in Quebec and for general corporate purposes.
About Secova Metals Corp.
Secova Metals Corp. is a Canadian gold exploration company focused on building a strong asset base through exploration of undervalued gold projects in Canada. Secova has entered into an agreement to acquire up to 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the advanced-stage Duvay gold project in Amos, Quebec, located in the Abitibi gold belt, one of Quebec’s premier mining jurisdictions. The Company has plans to advance the development of Duvay as well as seek other avenues of growth through acquisition and mergers. Secova Metals trades on the TSX Venture under the symbol SEK. Learn more about Secova at www.secovametals.com.