VANCOUVER, April 9, 2015 /CNW/ - MARIFIL MINES LTD. (MFM: TSX-V) (the "Company") is pleased to announce a private placement of up to 6,000,000 units at $0.01 per unit for gross proceeds of up to $60,000 subject to final Exchange approval. Each unit will consist of one common share and one warrant. Each warrant will entitle the holder to acquire an additional common share at a price of $0.05 per share for the first 24 months from the date of issuance and $0.10 for the next 36 months, subject to accelerated expiry in the event the Company's shares trade at $0.20 per share for a period of twenty (20) consecutive trading days after expiry of the 4-month hold period. Closing of the private placement is anticipated to be on April 16, 2015.
All units issued pursuant to this placement will be subject to a four month hold period from the date of issuance.
Proceeds from the placement will be used for audit, legal, property maintenance, general working capital and due diligence costs related to the potential limestone asset sale. The private placement is subject to the approval of the TSX Venture Exchange.
The Company is pleased to announce that the Board of Directors has appointed Michael D. Sweatman as our newest director. . Mr. Sweatman is a Chartered Accountant with a strong mining background having worked as a miner before becoming an accountant. Mr. Sweatman has been an Officer and Director of a number of TSX and TSXV companies. Michael previously worked as the Company's Chief Financial Officer and we welcome him back.
Marifil also announces the resignation of William Schara as a Director. Mr. Schara is resigning to pursue other interests. The Board and Management would like to acknowledge Bill's many contributions to the Company since our inception. We wish him well in his future endeavors.
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SOURCE Marifil Mines Limited
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