Junior miner Organimax Nutrient Corp., Vancouver, B.C., formerly known as Alset Minerals Corp, (GM Aug. 31, 2018), recently received approval from the TSX Venture Exchange to close private placement financing for gross proceeds of $1.1 million.
The company will now issue 5.5 million units, with each unit being comprised of one common share in the capital of the company and one half of a common share purchase warrant, each full warrant entitling the holder to purchase an additional common share of the company at a price of $0.30 per share at any time within two years of the date of issuance.
The company said the private placement was effected with an insider of the company subscribing for $160,000, or 800,000 units.
Net proceeds of this private placement are for general working capital purposes, due diligence, and future development of the Government Gulch project, a silver, zinc, and lead project in Idaho; brownfields exploration; and to maintain its lithium-sulfate of potash (Li-SOP) project in Mexico.