Marifil Mines Ltd. Announces Increase in Private Placement
VANCOUVER, B.C.---MARIFIL MINES LTD. (TSX-V: MFM)("Marifil" or "the Company") announces that the non-brokered private placement offering of up to 2,700,000 units at $0.015 per unit for gross proceeds of up to $40,500 has been increased to 6,996,800 units at $0.015 per unit for gross proceeds of up to $104,952 subject to final Exchange approval. Each unit will consist of one common share and one warrant. Each warrant will entitle the holder to acquire an additional common share at a price of $0.05 per share for the first 24 months from the date of issuance and $0.10 for the next 36 months, subject to accelerated expiry in the event the Company's shares trade at $0.20 per share for a period of twenty (20) consecutive trading days after expiry of the 4-month hold period. Closing of the private placement is anticipated to be on July 30, 2016.
All units issued pursuant to this placement will be subject to a four month hold period from the date of issuance.
Proceeds from the placement will be used for audit, legal, property maintenance, and general working capital. The private placement is subject to the approval of the TSX Venture Exchange.
For further information please contact:
John Hite, President
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.com.)
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