Effective on June 18, 2020, the company's final short form prospectus dated June 15, 2020, qualifying the distribution of up to 10.7 million units of the company, excluding the underwriters' overallotment option, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the Ontario Securities Commission as principal regulator. Under Multilateral Instrument 11-102, Passport System, the prospectus is deemed to have been filed with and receipted by each of the Alberta, British Columbia and New Brunswick securities commissions.
The TSX Venture Exchange has been advised that closing occurred on June 18, 2020, for aggregate gross proceeds of $8,367,400 (including the underwriters' overallotment option, which was exercised in full).
Offering: 12,305,000 units (including 1,605,000 units of underwriters' overallotment option) (Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant being exercisable into one common share at $1 for a 24-month period following the closing date.)
Unit price: 68 cents per unit
Underwriters: Eight Capital, PI Financial Corp., Haywood Securities Inc., Industrial Alliance Securities Inc. and Stifel GMP
Underwriters' commissions: an aggregate of $478,237 in cash and 598,260 non-transferable broker warrants (Each broker warrant entitles the holder to acquire one common share at 68 cents for a two-year period.)
For further details, please refer to the company's short form prospectus dated June 15, 2020, and news releases dated June 2, 2020, June 3, 2020, and June 18, 2020.
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