Recent financing close - looks good
ZeU closes $790,000 first tranche of private placement
2021-12-20 13:53 ET - News Release
Mr. Frank Dumas reports
CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
ZeU Technologies Inc. has completed a first tranche of its previously announced non-brokered private placement, pursuant to which it has issued an aggregate of 1,975,000 units at a price of 40 cents per unit for gross proceeds of $790,000.
Each unit is composed of one common share in the capital of the corporation and one share purchase warrant. Each warrant shall entitle the holder thereof to acquire one additional share in the capital of the corporation at a price of 45 cents for a period of 18 months following the issuance of the units.
In the event that the trading price of the shares on the Canadian Securities Exchange reaches $2.50 per share on any single day, the corporation may, at its option, accelerate the warrant expiry date by delivery of notice to the registered holders thereof and issuing a press release, and, in such case, the warrant expiry date shall be deemed to be 5 p.m. Montreal time on the 30th day following the date of issuance of the warrant acceleration press release.
The shares acquired by the subscribers are subject to a hold period of four months plus one day from the closing date, ending on April 21, 2022, except as permitted by applicable securities legislation and the rules of Canadian Securities Exchange.
In connection with this offering, the corporation has paid a cash finder's fee in an amount of $4,500 and issued 25,000 non-transferable finder warrants to acquire such number of common shares at a price of 45 cents, exercisable for a period of 18 months.
Insiders of the corporation participated in the private placement and subscribed to a total of 775,000 units for proceeds of $310,000. All securities issued in the private placement are subject to a hold period of four months and one day ending on April 21, 2022.
Participation of insiders of the corporation in the private placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Because the corporation's shares trade only on the CSE, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101. The corporation did not file a material change report 21 day before this second closing of the private placement because the corporation wished to complete the private placement in a timely manner.
About ZeU Technologies Inc.
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next generation of encrypted and distributed networks. As a result of its high level of sophistication, ZeU has technology maximizing transparency, security and scalability, as well as big data management. ZeU's strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data and health care.
Trades of the day: great opportunity to grab some shares in the low 30's
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