Sphinx Resources closes $1.4M private placement

Ted Liu

Updated on:

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