Marifil Mines Announces New CEO, Private Placement and Settlement of Debt
Vancouver, November 10, 2017 - Marifil Mines Ltd. (TSXV: MFM) ("Marifil" or the "Company") announces that it has accepted the resignation of John Hite and has appointed Robert Abenante as President and Chief Executive Officer of the Company. The Company would like to thank Mr. Hite for his contributions and many years of service. Mr. John Hite adds, "It has been one of the highlights of my professional life to work with the Marifil team, particularly Dick Walters, Daniel Buffone, Pedro Vera, and Hugh Oswald, to explore and build real mineral assets in Argentina."
Robert Abenante is a Chartered Professional Accountant with extensive experience in the public markets. Mr. Abenante has served as an officer and director of several public and private companies across various industries, with particular success in the mining sector.
The Company also announces a private placement of up to 25,000,000 units at $0.05 per unit for gross proceeds of up to $1,250,000 subject to final Exchange approval. Each unit will consist of one common share and one warrant. Each warrant will entitle the holder to acquire an additional common share at a price of $0.05 per share for the first 24 months from the date of issuance and $0.10 for the next 36 months, subject to accelerated expiry in the event the Company's shares trade at $0.20 per share for a period of twenty (20) consecutive trading days after expiry of the 4-month hold period. Closing of the private placement is anticipated to be before December 22, 2017.
All units issued pursuant to this placement will be subject to a four month hold period from the date of issuance.
Proceeds from the placement will be used for a drilling program at San Roque and general working capital. The private placement and shares for debt are subject to the approval of the TSX Venture Exchange.
The Company also announces that has reached agreements with creditors to issue 6,147,860 shares at a deemed price of $0.05 to settle debt of $307,393.
Head Office:
Robert Abenante,
Chief Executive Officer.
Phone: 604.369.0999
Email: info@marifilmines.com
Website: www.marifilmines.com
Investor Relations:
Hugh Oswald
Phone: 604.838.2855
Email: hoswald@marifilmines.com
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.com).
General Disclaimer
Marifil Mines Ltd. "Marifil" has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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.
WE SEEK SAFE HARBOUR.
