SOURCE: Marifil Mines Ltd.

Marilfil Mines Ltd.

July 11, 2016 14:05 ET

Marifil Mines Ltd. Announces Increase in Private Placement

VANCOUVER, BC--(Marketwired - July 11, 2016) -


MARIFIL MINES LTD. (TSX VENTURE: MFM) (the "Company") announces that the non-brokered private placement offering of up to 2,700,000 units at $0.015 per unit for gross proceeds of up to $40,500 has been increased to 6,996,800 units at $0.015 per unit for gross proceeds of up to $104,952 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 on July 30, 2016.

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 audit, legal, property maintenance, and general working capital. The private placement is subject to the approval of the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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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.

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