Swift Resources Announces Financing With MineralFields Groupadmin
Swift Resources Inc. announce that it has negotiated a private placement with MineralFields Group to raise gross proceeds of up to $500,000.
Under the terms of the Financing, the Company will issue 1,785,714 flow-through units (the “FT Units”) at a price of $0.28 per FT Unit. Each FT Unit will consist of one flow-through common share (the “FT Shares”) and one-half of a transferable non flow-through common share purchase warrant (“Warrants”). Each whole Warrant will entitle the holder to purchase one additional non flow-through common share at an exercise price of $0.35 per share during the first year and thereafter at $0.45 per share during the second year from the closing date of the Financing (the “Closing Date”).
Provided that the Company’s shares close on the TSX Venture Exchange at any time four months after their date of issue for twenty consecutive trading days at a price of $0.50 per share or higher during the first year of the exercise period and at a price of $0.65 per share or higher during the second year of the exercise period, the Company may accelerate the expiry time to 30 calendar days from the date of express written notice delivered to the Warrant holder by way of registered mail, or thereafter the unexercised Warrant will be forfeited and terminated.
“We are very pleased to continue our relationship with MineralFields Group,” said Mike Elson, President and CEO. “This is an important milestone in the growth of Swift Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings in Canada.”
Limited Market Dealer Inc. will be paid a cash finder’s fee of 6% of the funds raised, and issued a finder’s fee option to acquire Units (the “Compensation Units”) equal to 8% of the total number of FT Units sold, exercisable at $0.28 per Compensation Unit for a term of two years.