The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Feb. 15, 2019.
Number of shares: 17,835,000 shares
Purchase price: 10 cents per share
Warrants: 17,835,000 share purchase warrants to purchase 17,835,000 shares
Warrant initial exercise price: 16 cents
Warrant term to expiry: three years (If the volume weighted average closing price of the common shares on the TSX Venture Exchange is 35 cents or more for 21 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the warrants, then the issuer will earn the right, by providing notice to the warrantholders, to accelerate the expiry date of the warrants to that date which is 30 days from the date of the acceleration notice.)
Number of placees: 35 placees
Insiders: Howard Verrico, 960,000; Christopher Hopton, 350,000
Total pro group involvement: 500,000 (one placee)
Finders' fees: PI Financial Corp., $23,040 cash and 230,400 warrants; Canaccord Genuity Corp., $4,800 cash and 48,000 warrants; Bronte Creek Capital, $34,296 cash and 342,960 warrants
Finder's warrant initial exercise price: 16 cents
Finder's warrant term to expiry: three years
Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
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