Mawson Shareholders Approve Second Tranche of Private Placement
September 3, 2013 (Source: Mawson Resources Limited) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces that at the Special Meeting of Shareholders held on August 30, 2013, the Company’s disinterested shareholders ratified and approved the second tranche (the “Second Tranche”) of the private placement financing that was previously announced by the Company on July 17, 2013 and August 6, 2013.
Mr Hudson, the Company’s President & CEO, states, “We thank our shareholders for the overwhelming endorsement of the Second Tranche. Upon closing of the Second Tranche, Mawson will hold over C$8M in cash. This will ensure we can continue to build our business in the Nordic countries around Rompas, maintain our exploration momentum and focus, by continuing to control overheads and investing shareholder capital in the ground.”
The Company was required to obtain prior specific approval of the Second Tranche by disinterested shareholders (the “Approval Condition”) as a condition of the Toronto Stock Exchange’s acceptance of the Second Tranche. Under the Second Tranche, Sentient Global Resources Fund IV, L.P. (the “Sentient Fund”), part of a group of funds which is an insider of Mawson (the “Sentient Group”), will subscribe for an additional 3,634,000 units for gross proceeds of $1,635,300.
For the purpose of the Approval Condition, Mawson obtained the approval of holders of common shares of Mawson excluding shares held by the Sentient Group and its funds and other affiliates and excluding votes attached to any common shares issued under the first tranche closing.
The Sentient Group currently holds approximately 27.38% of the issued and outstanding common shares of Mawson on a non diluted basis. Following closing of the Second Tranche, which is expected to take place shortly, the Sentient Group will hold approximately 29.79% of the issued and outstanding common shares of Mawson on a partially diluted basis (taking into account the full exercise of the warrants issued to the Sentient Fund).
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
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Mawson Resources Limited is a resource acquisition and development company. Mawson has distinguished itself as a leading Scandinavian exploration company with a focus on the flagship Rompas gold project in Finland.
On behalf of the Board,
Michael Hudson, President & CEO
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>