(Mantaro, 13.Feb.2023) — Mantaro Precious Metals Corp. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) announced a non-brokered private placement of up to 7,000,000 units (each a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $350,000.
Each Unit will consist of one common share of the company (each a “Share”) and one common share purchase warrant, with each Warrant entitling the holder to purchase one additional Share for a period of one year from the date of issuance at an exercise price of $0.10 per Share. The company will have the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of the Shares is equal to or greater than $0.15 for 20 consecutive trading days on the TSX Venture Exchange.
The securities issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issue. The company may pay finders a fee in cash and/or share purchase warrants.
The proceeds of the Offering will be used for exploration at Santas Gloria silver property and general corporate purposes. Closing of the Offering is subject to the acceptance of the TSX Venture Exchange.
The company also announces that Darren Hazelwood will serve as Chief Executive Officer of the company. Mr. Hazelwood has extensive European and North American capital markets experience and plans to bring his extensive network in the investment community, both at the private and institutional level, to the company. Currently, Mr. Hazelwood is Chief Executive Officer of London Main Market listed Ontario based exploration company Panther Metals plc (LSE:PALM).
Darren Hazelwood, Chief Executive Officer, commented “I’m looking forward to working with our shareholders and team at Mantaro. We are focusing our attention on the potential of our existing asset base. The Golden Hill Property has delivered strong results and we are carrying out a review of the wider in-country potential of other projects. Our permits are now in place for our maiden drill program at Santas Gloria and I look forward to updating the market on progress in due course”.
The company would like to thank Mr. Stephen Clayson for serving as Chief Executive Officer and a director of the company. Mr. Clayson is pursuing other business endeavors and the Company wishes him well on his upcoming prospects.