Mr. Carl von Einsiedel reports
ARAK RESOURCES LTD. - COMPLETION OF FINANCING
Arak Resources Ltd. has completed its previously announced private placement of 4,634,000 units raising gross proceeds of $650,020. Each unit consists of one common share and one share purchase warrant of the company. Each warrant permits the holder thereof to purchase, until March 21, 2022, one additional share at 18 cents. In connection with closing of the offering and for its efforts in introducing subscribers to the company, the company issued 300,000 finder's units to NewGen Equity Long-Short Fund. Each finder's unit consists of one share and one warrant. Each warrant permits the holder thereof to purchase, until March 21, 2018, one additional share at 18 cents. All securities issued under the offering are subject to a hold period trading restriction of four months and a day from the date of distribution which will expire July 22, 2017.
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