Kirkland Lake, Ontario--(Newsfile Corp. - June 20, 2019) - Mistango River Resources Inc. (CSE: MIS) ("Mistango") is pleased to announce that it has completed a non-brokered private placement with Harbour Royalty Corp., a private arm's-length, investor (the "Investor") raising $350,000 (the "Private Placement").
Harbour Royalty Corp. ("Harbour") purchased 15,909,090 common shares of Mistango on a "flow-through" basis at a price of $0.022 per share. Mistango intends to use the proceeds to fund development of its flagship Omega Project and for further exploration.
Harbour also purchased a 3% net smelter returns royalty on all of Mistango's properties, including the Omega Project, for $150,000. Mistango has the right to repurchase 2% of the royalty for a price of $500,000.
Donald Kasner, Mistango's Chief Operating Officer, said:
"We are delighted to welcome Harbour as a Mistango shareholder and royalty holder. With its investment, Harbour becomes Mistango's single largest shareholder and provides validation of Mistango's management team and asset development strategy."
All common shares to be issued pursuant to the Private Placement are subject to a statutory four (4) month and one day hold period.
Mistango acknowledges' Orefinders' recent news release proposing that Mistango obtain financing from new investors. Mistango is pleased that Orefinders is endorsing Mistango as an investment vehicle. As Mistango has demonstrated with the closing of the transactions with Harbour, it independently attracts meaningful capital from knowledgeable mining investors, in the best interests of Mistango and all of the Mistango shareholders.
Mistango is a Canadian-based exploration and development company focusing on its Omega Mine project, with other properties in Ontario. For additional information about Mistango and its mining properties, please visit Mistango's website:
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that Mistango believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to Mistango's anticipated development and exploration plans and its upcoming shareholders meeting, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of Mistango based on information currently available to Mistango. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Mistango to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or are not limited to, general business and economic uncertainties, future mineral prices and the actual outcome of Mistango's upcoming shareholders meeting.
Any forward-looking statement speaks only as at the date on which it is made and, except as may be required by applicable securities laws, Mistango disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Mistango believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information please contact:
Donald Kasner, COO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45789