Marum closes financing, makes president new secretary
2009-04-17 18:59 ET - News Release
Mr. Richard Boulay reports
$212,500 FLOW-THROUGH PRIVATE PLACEMENT CLOSED
Marum Resources Inc. has closed its non-brokered private placement offering of 2.5 million flow-through units at a price of 8.5 cents per flow-through unit, for gross proceeds of $212,500. Each flow-through unit comprises one common share of the company issued on a flow-through basis and one flow-through share purchase warrant. Each warrant entitles the holder to purchase one flow-through share at a price of 13 cents per flow-through share for a period of 24 months from the date the warrant is issued.
The flow-through shares issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing of the offering.
Insiders of the company subscribed for 63.2 per cent of the offering. Pursuant to the policies of the TSX Venture Exchange, the sale of flow-through units to these insiders constitutes a related party transaction as defined in Multilateral Instrument 61-101 protection of minority securityholders in special transactions. The offering however is exempt from applicable formal valuation and minority shareholder approval requirements as the fair market value of the flow-through units does not exceed 25 per cent of the market capitalization of the company.
No fees or commissions shall be payable in connection with this placement.
The net proceeds from the offering will be used to explore the company's gold properties and for general corporate purposes. All dollar amounts are in Canadian dollars unless otherwise noted.
The final closing of the offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The company is also pleased to announce that Courtney Shearer has been appointed to the position of corporate secretary and now holds the office of president and corporate secretary with the company.
We seek Safe Harbor.
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