OTCPK:PTAUF - Post by User
Post by
frostbackon Nov 09, 2021 2:32pm
![](https://assets.stockhouse.com/kentico-cms/0341-00/images/Sprite.svg#id_Post_Views_Icon)
193 Views
Post# 34105997
retail investor took it hard wiht this one
retail investor took it hard wiht this oneVancouver, BC (October 13, 2021) Potent Ventures Inc. ("Potent" or the "Company") (CSE: POT - FSE: 0OS2 - OTCQB: POTVF) is pleased to announce that it has completed a first closing of a non-brokered private placement of up to $2,000,000 (the "Offering"). The Company accepted subscriptions for 15,430,000 units at a price of CDN $0.04 per Unit, raising gross proceeds of CDN$617,200. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional common share for CDN$0.05 for a period of 2 years from the issue date. All of the securities issuable in connection with the offering will be subject to a hold period expiring four months and one day after date of issuance. Insiders participation in the offering was for an aggregate amount of CDN $27,000 comprising 675,000 Units representing 4% of the offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61- 101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The related party transaction is exempt from minority approval and valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the Offering nor the consideration to be paid by the insiders exceeds 25% of the Company's market capitalization. In connection with the closing of the private placement, the Company paid finders fees of $30,416 in cash and issued 860,400 finders warrants. The finders warrants hold the same terms of the warrants issued as part of the Units. A second tranche closing is expected to take place on or before November 10, 2021. The proceeds will be used for general working capital and potential acquisitions.