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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2013) -
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MARIFIL MINES LTD. (News - Market indicators) (the "Company") is pleased to announce a non-brokered private placement of up to 20,000,000 units at $0.05 per unit for gross proceeds of up to $1,000,000 (the "Offering"). Each unit will consist of one common share and one full purchase warrant (a "Unit"). Each whole warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.10 for 60 months from closing of the Offering. If, commencing on that date that is four months after the closing of the Offering, the closing price of the common shares of the Company on the TSX Venture Exchange is higher than $0.20 for 20 consecutive trading days then on the date that is the 20th consecutive trading day (the "Acceleration Trigger Date") the expiry date of the warrants will be accelerated to the date that is 20 business days after the Acceleration Trigger Date. Closing of the Offering is anticipated to be on or about February 25th, 2013.
Insiders, management and other existing shareholders identified by the Company will subscribe for up to $200,000 (up to 4,000,000 Units) of the Offering on the same terms and conditions.
Sprott Private Wealth LP and affiliates will act as finders in the Offering. A finders fee equal to 7.5% payable in cash or Units will be payable on a portion of the Offering. Brokers warrants equal to 7.5% of the Offering will be payable to certain finders, brokers warrants issued will be exercisable for a period of two years at $0.05 per share, subject to early acceleration on the same basis as the Unit warrants.
All securities issued pursuant to this non-brokered private placement will be subject to a four month hold period from the date of issuance.
Proceeds from the placement will be used for exploration and development activities on the Company's properties and for general working capital. The non-brokered private placement is subject to the approval of the TSX Venture Exchange.
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.
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.