Mr. Glenn Little reports
GRENADIER CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
Grenadier Resource Corp. has closed the third and final tranche of the
previously announced non-brokered private placement of units at 27 cents per
unit. An aggregate 2,449,932 units were issued for all tranches to raise gross proceeds of
On closing of the third tranche, 673,519 units were issued for proceeds of $181,850. Each unit
comprises one common share and one share purchase warrant, with each warrant entitling the holder thereof to acquire an additional share at an exercise price
of 50 cents per share for a period of six months from the date of closing of the private placement. The warrant terms contain an acceleration provision, such that in the event
the company's shares trade at a price of 60 cents or more for 20 consecutive trading days, then the expiry date shall be accelerated and the warrants will become
exercisable within 10 business days of the acceleration event occurring. A cash finder's fee of
8 per cent was paid to certain finders.
All securities issued under the private placement are subject to a statutory four-month hold
period from the date of issuance.
The proceeds from the private placement will be used for working capital and general corporate
purposes, and may be applied to the costs associated with completing the transaction with
Laguna Blends Inc. as announced by the company on Jan. 19, 2015.
We seek Safe Harbor.
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