Linear Minerals closes first tranche of private placement for $300,000

Linear Minerals Corp. (CSE:LINE)(OTCQB: LINMF) completed the first tranche of its non-brokered private placement, raising $300,000 in gross proceeds. The company issued 3 million flow-through common shares at $0.05 per share for $150,000 and 3 million hard-dollar units at $0.05 per share with warrants for an additional $150,000.

Each hard-dollar unit includes one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.25 each for one year from the issue date. The company paid $9,000 in finder's fees, representing 6% of the hard-dollar unit proceeds.

The private placement was initially announced on December 10 with a target of up to $900,000 in total gross proceeds. Final closing remains subject to approvals from the Canadian Securities Exchange and other regulatory bodies.

All securities issued will be subject to a four-month-plus-one-day statutory hold period under applicable securities legislation. The company plans to use proceeds for general working capital and exploration activities on its Quebec properties.

The information is based on a company press release.

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