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12 Exploration completes $600,000 IPO

2019-05-15 14:21 ET - News Release

Mr. Eric Klein reports

12 EXPLORATION INC. ANNOUNCES COMPLETION OF INITIAL PUBLIC OFFERING, SHARES TO COMMENCE TRADING ON CSE ON MAY 16, 2019

12 Exploration Inc. has completed an initial public offering, pursuant to which it has issued an aggregate of four million common shares at a price of 15 cents per common share to raise aggregate gross proceeds of $600,000, all pursuant to a final prospectus dated March 11, 2019. Industrial Alliance Securities Inc. acted as agent in the offering, in connection with which it received a cash commission of $48,000, a corporate finance fee of $10,000 and an aggregate of 320,000 compensation warrants, with each such compensation warrant entitling the holder to acquire one common share at an exercise price of 15 cents for a period of 24 months. Trading of the common shares on the Canadian Securities Exchange is anticipated to commence at the opening of business on Thursday, May 16, 2019, under the symbol TWLV.

Upon closing of the offering, the company granted 500,000 incentive stock options to its chief executive officer, chief financial officer and directors, which are exercisable for a period of five years from the date of the grant at an exercise price of 15 cents per common share. Following the completion of the offering, the company has 10.01 million common shares issued and outstanding, 4.01 million of which are subject to escrow restrictions as disclosed in the prospectus.

About 12 Exploration Inc.

12 Exploration is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. The company currently holds an option to acquire up to an 80-per-cent interest in the property known as the Deepwater project, located northeast of Sudbury, Ont., subject to certain encumbrances and a 2-per-cent net smelter return royalty over part of the property.

We seek Safe Harbor.

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