Nova Scotia Journal

Wednesday, December 1, 2021

Upper Canada Mining has announced the establishment of a 25 million stand

Upper Canada Mining

Key Takeaways:

  • Upper Canada Mining (UCM) is a northern Canadian gold, silver, and base metal exploration company.
  • The Company has entered into a Put Option Agreement (POA) with LDA that will allow the Company to acquire additional equity as needed at its option.

The Company’s strategy is to seek asset purchases in a buyer’s market, to add value to the additions through computerization and remodeling of historical exploration data. New exploration, and the application of modern geophysics, and to explore asset divestitures through sale, royalty, joint venture, option, and other business transactions.

Upper Canada Mining (UCM or UC Mining or the Company) is delighted to announce that it has established a $25,000,000 standby equity fundraising facility with LDA Capital, a US-based institutional investment firm (LDA). The facility is available at the Company’s responsibility and will be utilized to support the Company’s ongoing expansion, exploration, and acquisition efforts.

Upper Canada Mining (UCM)

The facility allows the Company to issue shares to LDA at its option during the next three years and receive monies in exchange for those shares under the following essential terms: 

  • Term 36 months
  • Put option of up to $25 million at the Company’s election
  • The Put option is priced at 90% of the 15 days VWAP of the Company’s shares following the exercise by the Company with a minimum price set by the Company.
  • In any Put Option period, the Company may issue a Put Option Notice for up to one thousand percent (1,000%) of the average daily trading volume for the fifteen (15) trading days before the Put Option Notice (“Trading Volume”).
  • An Option Premium Fee equal to two percent (2.00%) of the Total Commitment will be payable in cash upon proceeds from the Put Option exercises.

LDA is allowed to own up to 19.9% of the Company’s outstanding share capital. Upper Canada Mining Inc. is a mining company based in Ontario, Canada. Upper Canada Mining is a private corporation incorporated and registered in Canada specializing in gold and silver mining, exploration, and production.

Source: AsiaOne News

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