Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.40 per share for two years from the date of issue. If the volume weighted average price for the Company's shares is $0.60 or greater for a period of 5 consecutive trading days, then the Company may deliver a notice (the "Notice") to the warrantholder that the Warrants must be exercised within twenty (20) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (Vancouver time) on the twenty-first (21st) day after the date of delivery of the Notice. The accelerated exercise shall not apply until the expiration of the four-month hold period required under Exchange policies and securities laws that are applicable to the Company, being May 23, 2018.
Finder's fees of $76,369.02 are payable in cash on a portion of this tranche of the private placement to parties at arm’s length to the Company. In addition, 231,421 non-transferable finder’s warrants are issuable (the “Finder’s Warrants”) for this tranche. Each Finder’s Warrant entitles a finder to purchase one common share at a price of $0.40 per share for two years from the date of issue, expiring on January 23, 2020. The Finder’s Warrants are also subject to the above accelerated exercise provisions.
The proceeds of the financing will be used for exploration programs on the Company’s projects in Argentina and for general working capital.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period expiring on May 23, 2018.
