Financing 2022-10-28 11:05 ET - News Release
Mr. Michael O'Connor reports
OCEANIC WIND ENERGY INC. ANNOUNCES PRIVATE PLACEMENT
Oceanic Wind Energy Inc. has arranged a private placement of up five million units at five cents per unit for gross proceeds of up to $250,000. Each unit shall consist of one common share and one warrant exercisable at seven cents for a period of one year.
Certain directors and officers of the company may participate in the private placement, thereby making the offering a related party transaction, as defined under Multilateral Instrument 61-101 (MI 61-101). The company is of the view that the offering is exempt from the need to obtain minority shareholder approval and a formal valuation as required by MI 61-101 as the company is listed on the TSX Venture Exchange and the fair market value of any units to insiders or the consideration paid by insiders of the company will not exceed 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to announcing this private placement, as the details of the respective participation is not known.
Oceanic intends to use the net proceeds for general corporate purposes and working capital.