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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Marifil Mines Ltd. "Marifil", has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
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SOURCE Marifil Mines Limited
For further information: Head Office: John Hite, President, Phone: 702.562.4880, Email: [email protected], Website: www.marifilmines.com; Investor Relations: Hugh Oswald, Phone: 604.838.2855, Email: [email protected]