Mosaic Minerals closes second tranche of private placement

Mosaic Minerals Corporation (CSE: MOC) announced the closing of a second tranche of a private placement, raising aggregate gross proceeds of $198,470, according to a company statement.

The offering comprised 1,100,000 flow-through units at $0.105 per unit and 982,000 units at $0.085 per unit. Each flow-through unit includes one common share and one warrant exercisable at $0.17 for 12 months from issuance. Each standard unit includes one common share and one warrant exercisable at $0.12 for 24 months from issuance.

Proceeds from the flow-through units will be directed toward eligible Canadian exploration expenses on the company's Golden Island project in Quebec. Eligible expenditures will be renounced in favor of flow-through unit subscribers effective December 31, 2026.

Jonathan Hamel, President and CEO, purchased 800,000 flow-through units for $84,000. The transaction constitutes a related party transaction under Multilateral Instrument 61-101 but qualifies for exemptions from formal valuation and minority approval requirements, as the securities issued to insiders did not exceed 25% of the company's market capitalization.

The company paid a 6% cash finder's fee totaling $1,890 and issued 22,235 finder's warrants exercisable at $0.085 per share for 24 months to two arm's-length finders. All securities issued are subject to a hold period ending February 2, 2027. The offering remains subject to final approval by the Canadian Securities Exchange.

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