Vancouver, British Columbia - TheNewswire – February 24, 2021 – M. Maurice Giroux, President and CEO of Mosaic Minerals Corp. (“Mosaic” or the “Company”) (CSE:MOC) (CNSX:MOC.CN) is pleased to announce:
Private Placement Closed
Further to Mosaic’s news release of January 27, 2021 the Company has closed its non-brokered private placement issuing 3,575,000 units for gross proceeds of $286,000. Each unit is comprised of one common share and one two-year share purchase warrant exercisable until February 23, 2023 at $0.15 per share. Finder’s fees of $18,440 were paid and 321,000 finder’s warrants were issued to three arm’s length parties. The finder’s warrants are exercisable at $0.15 per share for two years. All securities issued are subject to an investment hold period expiring June 23, 2021. The net proceeds of the financing with be used to advance the exploration of the Company’s properties in the Chibougamau area, and for general working capital purposes.
About Mosaic Minerals
The Company holds three 100% owned claims blocks (Chrisafy, Philibert-1 and Opawica) in the Chibougamau mining district, Nord-du-Québec, within the famous Abitibi Greenstone Belt that hosts Iamgold’s Nelligan and Monster Lake gold deposits as well as the Northern Superior’s recent Lac Surprise discovery, a few kilometers to the north.
Chrisafy, Philibert-1, Opawica Gold Projects
https://mosaicminerals.ca/?page_id=96
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The Company also holds 100% in the 16 claim Canalask property (770 hectares) to the North West shore of Lake Dunphy located 150 km NNW of Shefferville in SNRC 24B04. The Canalask Property hosts 2 well-documented multi-metallic showings namely, the Canalask and the Lac Dunphy surface showing of copper, zinc, silver and gold.
Canalask Project
https://mosaicminerals.ca/?page_id=92
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About Mosaic Minerals Corporation
Mosaic Minerals Corp., founded in 2018, is a Canadian mineral exploration company focused on unlocking the potential of former Stellar AfricaGold Inc. “Stellar” Opawica Gold Project (“Opawica”) which is located in Québec’s renowned and very prolific Chibougamau mining district, Nord-du-Québec, within the famous Abitibi Greenstone Belt.
Mosaic is gold-focused concentrating its exploration efforts where the Company’s growth potential is the strongest. After incorporation Mosaic acquired Stellar’s Opawica project in a 100% share deal. Mosaic then completed a Plan of Arrangement with Stellar establishing a shareholder base of more than 1,000 new Mosaic shareholders. Since the acquisition Mosaic has actively explored Opawica completing its Phase I exploration program at the end of 2019 with results that warrant advancing with a Phase II program.
The technical content of this press release has been reviewed and approved by Éric Allard, an independent consultant and a Qualified Person as defined in NI 43-101.
On Behalf of the Board
Maurice Giroux BSc
President & CEO
Contact: Maurice Giroux at 1-514-952-5709 or mgiroux.mosaic@gmail.com
This release contains certain "forward-looking information" under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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