Toronto, Ontario--(Newsfile Corp. - August 16, 2021) - Nobelium Tech Corp. (TSXV: NBL.H) ("Nobelium" or the "Company") and Hank Payments Corp. ("Hank") are pleased to announce the closing of the first tranche of its previously announced brokered private placement financing (the "Financing") of subscription receipts (the "Subscription Receipts") of Hank Payments Canada Finco, Corp. ("Finco") at a price of $1.00 per Subscription Receipt for a total of $2,150,000. Upon completion of the proposed qualifying transaction (the "Transaction") on the TSX Venture Exchange (the "TSXV"), each Subscription Receipt will convert into one unit comprised of one common share and one common share purchase warrant ("Finco Unit"). References herein to the "Resulting Issuer" refer to Nobelium following the completion of the Transaction.
Concurrent with the completion of the Transaction, each Finco Unit will be exchanged for one (1) common share of the Resulting Issuer (each, a "Resulting Issuer Share") and one (1) Resulting Issuer Share purchase warrant (each, a "Resulting Issuer Warrant") in accordance with the terms of the Transaction. The exercise price of the Resulting Issuer Warrants is $1.00 and they expire thirty-six (36) months following closing of the Transaction.
In connection with the Financing, Finco paid $75,250 to the agents and issued 150,500 compensation warrants (the "Agents' Warrants"). An additional $75,250 will be owed and paid to the agents in relation to the Financing by Finco upon the completion of the Transaction. Each Agents' Warrant is exercisable to acquire one (1) Finco Unit at $1.00 for a period of twenty-four (24) months from the closing of the Transaction. A corporate finance fee in the amount of $177,500 was also paid to the agents.
Significant additional interest has been reflected and is expected to close via a final tranche of the Financing that is expected to close the week of August 23. Upon completion of the Transaction, the net proceeds of the Financing are anticipated to be used principally for working capital and general corporate purposes. For more information regarding the Financing, please refer to the joint press release of Nobelium and Hank dated June 16, 2021 and August 11, 2021.
About Nobelium Tech Corp.
The Company is a "capital pool company" as defined under Policy 2.4. It has not commenced commercial operations and has no assets other than a minimum amount of cash. Except as specifically contemplated in Policy 2.4, until completion of a "Qualifying Transaction", the Company will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a proposed Qualifying Transaction.