CB Gold prices offering at five cents a share CB Gold prices offering at five cents a share
Ticker Symbol: C:CBJ
CB Gold prices offering at five cents a share
CB Gold Inc (C:CBJ)
Shares Issued 167,486,007
Last Close 6/24/2015 $0.03
Wednesday June 24 2015 - News Release
An anonymous director reports
CB GOLD INC. PRICES NON-BROKERED PRIVATE PLACEMENT OF UP TO C$3,500,000
CB Gold Inc. confirms that it will proceed with its previously announced non-brokered private placement of common shares of the company at a price of five cents per share (representing a 66.7-per-cent premium to market close today) for gross proceeds of up to $3.5-million.
CB Gold intends to use the proceeds from the private placement to finance working capital, including pending liabilities 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 per cent 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 $2.5-million. On completion of the proposed financing, Ms. Grau will beneficially own, directly or indirectly, less than 19.9 per cent of the outstanding common shares of the company.
We seek Safe Harbor.