Minnova Announces Closing of First Tranche of Private Placement

Core Points - Minnova Corp. has completed the first tranche of its non-brokered private placement financing, raising gross proceeds of $425,500 through the issuance of 8,510,000 units at a price of $0.05 per unit [1][2] Group 1: Offering Details - Each unit consists of one common share and one-half of a whole common share purchase warrant, with each warrant allowing the purchase of one common share at $0.10 for two years [2] - The gross proceeds will be allocated to the PL Mine for permitting, resource expansion, exploration drill program planning, and general working capital [3] - A cash commission of $2,835 was paid to finders, equating to 7% of the gross proceeds, along with the issuance of 56,700 broker warrants [4] Group 2: Company Overview - Minnova Corp. is focused on restarting its PL Gold Mine, which has a positive feasibility study indicating an average annual production rate of 46,493 ounces over a minimum five-year mine life [6] - The project has a short pre-production timeline of 15 months, a valid underground mining permit, and an existing processing plant [6] - The PL Gold Mine is located in the Flin Flon Greenstone Belt of Central Manitoba, benefiting from proximity to existing mining infrastructure [6]