TSX:RVX - Post Discussion
Post by
G1945V on Dec 01, 2020 6:59pm
PP Due Diligence - November 30 2020
RECAP: I have to presume the due diligence was satisfied.
Approval of Private Placement of Units
Background:
"The Corporation entered into a subscription agreement dated October 5, 2020 (the “Subscription Agreement”) with an arm’s length subscriber (the “Subscriber”) whereby the Subscriber agreed to purchase 10,560,000 units of the Corporation (“Units”), each Unit being comprised of one Common Share and one common share purchase warrant (“Warrant”), at a price of $1.25 per Unit for aggregate consideration of $13.2 million (US$10 million) (the “Private Placement”). Each Warrant will be exercisable into one Common Share at a price of $1.50 per share for a period of nine months from closing. The Common - 8 - Shares and Warrants comprising the Units will be subject to resale restrictions under applicable securities laws for a period of four months following closing.
The Private Placement was negotiated on an arm’s length basis and is conditional upon the Subscriber being satisfied with its due diligence review of the Corporation by November 30, 2020. There is no certainty that the due diligence condition will be satisfied."
G1945V
Be the first to comment on this post