$540,000 from private placement
Teuton Resources raises $540,000 from private placement
2015-04-14 12:27 ET - News Release
Mr. Dino Cremonese reports
NEWS RELEASE---PRIVATE PLACEMENT
Teuton Resources Corp. has raised a total of $540,000, representing nine million units at six cents a unit, pursuant to the private placement announced on Feb. 26, 2015, as amended on March 13, 2015. Each unit consists of one share, plus one share purchase warrant entitling the subscriber to purchase another share at 6.5 cents for a period of three years from closing. There were 30 subscribers to the private placement.
A finder's fee consisting of $14,880 and 248,000 warrants at 6.5 cents a warrant (exercisable for three years) is payable to an arm's-length agent, Redplug Capital. Directors of the company subscribed for 700,000 units of the offering.
Together with $40,000 of proceeds from the sale of real estate, the $540,000 raised is allocated as follows:
- Finder's fee, stock exchange and securities regulatory fees -- $20,000;
- Payment of trial costs in regard to the Treaty Creek litigation plus bailiff's fees -- $336,000;
- General and administrative expenses -- $60,000;
- Accounts payable -- $139,000;
- Exploration -- $25,000.
After the private placement is approved, another news release announcing the closing will be issued.
We seek Safe Harbor.