Effective June 29, 2020, the company's prospectus dated June 29, 2020, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the British Columbia Securities Commission, pursuant to the provisions of the Securities Act (British Columbia). The receipt also evidenced that the Ontario Securities Commission has issued a receipt for the prospectus. The prospectus was filed under Multilateral Instrument 11-102, Passport System, in Alberta and a receipt for the prospectus is deemed to be issued by the regulator in each jurisdiction, if the conditions of the instrument have been satisfied.
The TSX Venture Exchange has been advised that closing occurred on July 7, 2020, for gross proceeds of $11,988,750 (including proceeds under the overallotment option).
Underwriters: Beacon Securities Ltd., Canaccord Genuity Corp. and Haywood Securities Inc.
Offering: 15,985,000 shares, including all shares issuable under the overallotment option
Share price: 75 cents per share
Overallotment option: The underwriters were granted an option to purchase additional shares, up to 15 per cent of the offering, at 75 cents per share for a period of 30 days following closing of the offering, to cover overallotments. The TSX Venture Exchange has been advised that the overallotment option was fully exercised and all shares under the overallotment option were issued at closing of the offering.
Underwriters' options: As part of the consideration for the services provided by the underwriters in connection with the offering, the company issued to the underwriters an aggregate of 907,470 non-transferable compensation options, representing 6 per cent of the total number of shares sold under the offering (reduced to 3 per cent on certain subscriptions from persons identified by the company pursuant to a president's list provided to the underwriters). Each underwriter's option is exercisable into one share of the company for 75 cents per share, subject to adjustments in certain events, until July 7, 2021.
For further information, refer to the company's prospectus dated June 29, 2020, and news release dated July 7, 2020, which are available under the company's profile on SEDAR.
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