Marifil Announces Corporate Consultant
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2018) - Marifil Mines Limited (TSXV: MFM) (OTCQB: MFMLF) ("Marifil" or the "Company") announces that it has engaged UnityWest Capital Markets Ltd. ("UnityWest" or the "Consultant") to provide certain consulting services that will include marketing services to the Company (collectively, the "Services") pursuant to a consulting agreement dated effective August 20, 2018 between the Company and the Consultant (the "Consulting Agreement"). The term of the Consulting Agreement is for 12 months commencing August 20, 2018, unless earlier terminated in accordance with the Consulting Agreement.
UnityWest is a business consultancy firm that assists client management teams with broad spectrum consulting services including, but not limited to corporate strategy, branding, and marketing services. As compensation for UnityWest providing the Services, the Company paid UnityWest a signing bonus of CAD$25,000 and has agreed to pay monthly consulting fees of CAD$6,000 per month during the term of the Consulting Agreement ($12,000 paid to date). The Company also agreed to grant UnityWest 300,000 stock options of the Company (each, an "Option") at an exercise price equal to the closing price of the common shares on the TSX Venture Exchange on the date prior to the date of grant. The Options will vest over a 12 month period with 25% vesting every three months after the date of grant and will be exercisable for a period of 5 years. The grant of the Options remains subject to TSX Venture Exchange approval and subject to the terms and conditions of the Company's stock option plan. The Options and underlying common shares will be subject to a statutory hold period expiring four months and one day after the date of grant.
The Company and the Consultant maintain an arm's length relationship, and the Consultants holds 250,000 common shares and warrants of the Company. The Company intends to use proceeds from its last completed private placement on October 10, 2018 to fund the compensation payable to the Consultant.
ON BEHALF OF MARIFIL MINES LIMITED
Robert Abenante, President & CEO
Phone: 1-833-669- 6463
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.