TSXV:XR - Post Discussion
Post by
santi69 on Jun 22, 2015 8:42am
CB Gold Financing News
June 22, 2015 08:30 ET
CB Gold Inc. Announces Non-Brokered Private Placement of up to C$3,500,000
VANCOUVER, BC--(Marketwired - June 22, 2015) - CB Gold Inc. (TSX VENTURE: CBJ)
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CB Gold Inc. (TSX VENTURE: CBJ) ("CB Gold" or the "Company") is pleased to announce that it plans to complete a non-brokered private placement of common shares of the Company for gross proceeds of up to C$3,500,000, to be priced in the context of the market.
CB Gold intends to use the proceeds from the private placement to fund working capital and general corporate purposes.
Completion of the private placement is subject to TSX Venture Exchange approval. Any securities sold in connection with the financing are subject to a hold period of four months and one day under Canadian securities laws.
It is anticipated that Michelle Navarro Grau will, directly or indirectly, participate in the financing. Ms. Grau currently beneficially owns, directly or indirectly, approximately 12% of the outstanding common shares of the Company and accordingly, her participation in the financing is a "related party transaction" within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the policies of the TSX Venture Exchange. Exemptions from the requirement for a formal valuation and minority shareholder approval under MI 61-101 are expected to be available pursuant to Section 5.5(b) and Section 5.7(b) of MI 61-101, respectively, because the Company's common shares trade solely on the TSX Venture Exchange and the total funds raised from Ms. Grau will be less than C$2,500,000. On completion of the proposed financing Ms. Grau will beneficially own, directly or indirectly, less than 19.9% of the outstanding common shares of the Company.
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