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Vancouver, BC – TheNewswire - January 10, 2025 – Muzhu Mining Ltd. (CSE:MUZU) (FSE:Y33) (OTCQB:MUZUF) (“Muzhu” or the “Company”) is pleased to announce that it has closed the non-brokered private placement announced on November 18, 2024 for gross proceeds of $139,330.40 from the sale of 1,741,630 units of the Company at a price of $0.08 per unit. Each unit consisting of one common share one common share purchase warrant entitling its holder to purchase one common share at $0.12 for a period of one year after issuance.
All of the securities distributed under the foregoing private placement are subject to a four-month hold period, which will expire on May 9, 2025.
An Insider of the Company has participated in the foregoing offering which constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company's market capitalization. The Insider has subscribed for an aggregate of 266,630 common shares.
In addition, the Company is pleased to announce that it has closed on a Flow-Through private placement announced on December 27, 2024 for gross proceeds of $200,070.00 from the sale of 2,223,000 flow-through units at $0.09 per unit. Each flow-through unit consists of one flow-through common share and one common share purchase warrant entitling its holder to purchase one common share at $0.12 for a period of 36 months from the date of issuance. The proceeds of $200,070 from the financing will be used for exploration purposes.
$14,004.90 in cash was paid by the Company including the grant of 155,610 share purchase warrants to a finder with respect to the private placement.
All of the securities distributed under the Flow-Through private placement are subject to a four-month hold period, which will expire on May 1, 2025.
This meets the Company’s targeted financing requirements to be used for working capital and exploration within the Province of Québec.
ON BEHALF OF THE BOARD OF DIRECTORS
Dwayne Yaretz,
CEO
Muzhu Mining Ltd.
Phone: 778-709-3398
Email: [email protected]
Website: www.muzhumining.ca
Muzhu Mining Ltd. is a Canadian publicly traded exploration company with a portfolio of highly prospective projects at various stages of development. Muzhu currently holds 100% interest in the Sleeping Giant South Project, located in the Abitibi Greenstone Belt, approximately 75km South of Matagami, Quebec. As well, Muzhu has executed two option agreements to acquire up to 80% of the Silver, Zinc, Lead XWG and LMM Properties in the Henan Province located in China.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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