RE:RE:RE:RE:release today
you are correct cndoil
but not much to the public
That last .52 placement was
3 million shares to 4 insiders GMT took 2 million of those
they opened the last million shares up to the public
25% of the offering
.For Immediate ReleaseGranite Oil Corp. Announces Private Placement ClosingCALGARY, ALBERTA – (Marketwired – December 21, 2018) – GRANITE OIL CORP. (“Granite” or the “Company”) (TSX: GXO) (OTCQX: GXOCF) announces that it has issued 3 million common shares (the “Shares”) at a price of $0.52 per Share for aggregate gross proceeds of $1.56 million pursuant to anon-brokered private placement (the “Offering”). An additional closing of the Offering may be completed for combined total proceeds of up to $2 million. People interested in participating in the Offering should contact the Corporation. The proceeds of the Offering will be used by Granite for general working capital purposes. Under the Offering, each of Michael Kabanuk, President and CEO of the Company, and Brendan Carrigy, Chair of the Board and a director of the Company, purchased 480,000 Shares, Kathy Turgeon, a director of the Company, purchased 40,000 Shares, and affiliates of GMT Capital Corp., a person holding over 10% of the Shares of the Company, purchased an aggregate of 2,000,000 Shares. Their participation is considered to be a “related party transaction” as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of thesecurities to be distributed in the Offering nor the consideration to be received for those securities, in so far as the Offering involves the insiders, exceeds 25% of the Company’s market capitalization. The completion of the Offering is subject to the Company receiving all necessary regulatory approvals, including final approval of the Offering from the Toronto Stock Exchange.