Mr. Charlie Lamb reports
POTENT VENTURES CLOSES
NON-BROKERED PRIVATE PLACEMENT
Potent Ventures Inc. has closed a non-brokered private placement issuing a total of 8,914,999 units at a price of three cents per unit for aggregate proceeds of
Each unit comprised one common share and one a transferrable share purchase warrant of the company. Each warrant will entitle the holder to purchase an additional share at a
price of five cents per for a two-year period after the closing date. All the securities issued are subject to a four-month-and-a-day hold period from the date of issuance.
Insiders of the company purchased an aggregate of one million units in the offering. The company has
relied on the exemptions from the valuation and minority shareholder approval requirements of
Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
The company intends to use the proceeds raised from the offering for general capital purposes.
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