Mr. Nicholas Segounis reports
VANITY ANNOUNCES $250,000 PRIVATE PLACEMENT
Vanity Capital Inc. has arranged a non-brokered private placement of 500,000 units of the company at a price of 50 cents per unit for gross proceeds of $250,000. Each unit will consist of one common share and one warrant to purchase one common share of the company. Each warrant is exercisable into one common share of the company at an exercise price of 60 cents per common share for a period of 24 months following the closing date of the private placement. The warrants contain an acceleration provision that states: "If the volume-weighted average closing price of the common shares on the TSX Venture Exchange is $1.20 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 company will earn the right, by providing notice to the warrantholder(s), to accelerate the expiry date of the warrants to that date which is 30 days from the date of the acceleration notice."
Proceeds from the private placement will be used to identify and evaluate other potential mineral assets. Vanity is currently reviewing several advanced stage mineral exploration properties in the province of Quebec. No finder's fee will be paid in connection with this private placement.
The completion of the private placement is subject to regulatory approval, as well as approval from the TSX-V.
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