Sphinx Resources closes $1.4M private placement

Sphinx Resources Ltd. (TSX-V: SFX) has closed a non-brokered hard dollar private placement 23,380,165 units at $0.06 per unit for gross proceeds of $1,402,810, including $804,110 from subscribers identified by Haywood Securities Inc. and $400,400 from four Québec-based institutional funds:

  • Caisse de dépôt et placement du Québec -$150,00;
  • Capital croissance PME II, s.e.c. – $100,200;
  • Société de développement de la Baie-James – $100,200; and
  • Société d’investissement dans la diversification de l’exploration (SIDEX) – $50,000.

Management and one director subscribed for an amount of $15,300.

Each unit consists of one common share and one common share purchase warrant exercisable for one common share at a price of $0.09 per common share until February 28, 2020.

Net proceeds will be used to fund Sphinx’ precious metals exploration projects (Cheechoo-Éléonore Trend and Chemin Troïlus in Eeyou Istchee James Bay and Green Palladium in the Pontiac regional municipal county in southwestern Quebec) and for general working capital purposes.

photo credit: Sphinx Resources

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.