Vancouver, British Columbia--(Newsfile Corp. - March 15, 2017) - Chris Dyakowski, President & CEO, is pleased to announce that Essex Minerals Inc. (TSXV: ESX) (the "Company") has completed its initial public offering (the "Offering") in which it distributed 3,549,007 common shares of the Company at a price of $0.15 per share, and 1,000,000 flow-through shares of the Company at a price of $0.20 per share, for gross proceeds of $732,351.05. Canaccord Capital Inc. (the "Agent") acted as agent on the Offering. The Company's common shares are expected to commence trading on the TSX Venture Exchange at that open on March 17, 2017 under the trading symbol "ESX".
With the completion of the Offering, the Company now has 10,225,007 common shares issued and outstanding (2,901,000 of which are subject to escrow restrictions), and 450,000 common shares reserved for issuance upon the exercise of agent's options granted upon completion of the Offering (the "Agent's Warrants"). The Agent received a cash commission equal to 9% of the total gross proceeds of the Offering, a corporate finance fee and the Agent's Options exercisable at a price of $0.15 per common share up to March 17, 2019.
The Company intends to proceed with its exploration program on the Melba Property, located in the interior Plateau area of south central British Columbia, approximately 30 kilometers south of Kamloops, as soon as weather conditions allow.
ESSEX MINERALS INC
President & Chief Executive Officer
For further information contact: Chris Dyakowski at 604.250.2844 or by e-mail at firstname.lastname@example.org
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is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
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