The company announced a private placement of 5,312,500 Flow-Through Units (FT Units) at a price of $0.08 per FT Unit for aggregate gross proceeds of $425,000. The FT Units are convertible into common shares for a period of thirty-six months at a price of $0.12. The Warrants and the underlying Warrant Shares will not qualify as 'flow-through shares' under the Tax Act.
Closing of the Offering is subject to certain customary conditions, including final approval of the TSX Venture Exchange, and all of the securities issued under the Offering will be subject to a four-month and one-day statutory hold period, along with a 15-month contractual hold period. The Company did not pay any finder's fees in cash or securities under the Offering. The Company will use the aggregate gross proceeds from the FT Shares underlying the FT Units for Canadian exploration expenses that are 'flow-through critical mineral mining expenditures'. The issuance of 375,000 FT Units, in aggregate, to Sean Samson, President, CEO, and a director of the Company constitutes a 'related party transaction'. Pursuant to Sections 5.5(a) and 5.7(1)(a) of MI 61-101, the Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements, respectively, as neither the fair market value of the FT Units nor the consideration for such FT Units, insofar as it involves the insider, exceeds 25 percent of the Company's market capitalization. The securities have not been registered under the U.S. Securities Act of 1933, or any applicable state securities laws and may not be offered or sold to, or for the account or benefit of, persons in the United States or 'U.S. persons,' as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Company Announces Flow-Through Unit OfferingThe company is offering flow-through units comprised of common shares and warrants. The warrants have an acceleration clause.
Source: mining - 🏆 449. / 53 Read more »
Company Announces Closing of Non-Brokered Flow-Through Private PlacementThe company has closed its non-brokered flow-through private placement, issuing FT units consisting of common shares and warrants. Proceeds will be used for general corporate purposes. One insider participated in the placement, which was exempt from certain MI 61-101 requirements.
Source: mining - 🏆 449. / 53 Read more »
Company Amends Flow-Through Private Placement TermsThe company announced an amendment to its non-brokered flow-through private placement, increasing the number of units to be issued and reducing the price per unit. The amended terms will allow the company to raise up to $350,000 for exploration advancements in its British Columbia properties.
Source: mining - 🏆 449. / 53 Read more »
Source: DigitalTrends - 🏆 95. / 65 Read more »
Source: Gizmodo - 🏆 556. / 51 Read more »
Company Announces Financing for Tetepisca Graphite PropertyThe company announced a private placement offering of flow-through units to finance Canadian exploration expenses related to its Tetepisca Graphite Property in Quebec.
Source: mining - 🏆 449. / 53 Read more »