RE:Need help to understand. CUBA VENTURES ANNOUNCES PRIVATE PLACEMENT
Cuba Ventures Corp. has arranged a non-brokered private placement of up to four million units of the company at a price of five cents per unit for proceeds of up to $200,000. Each unit shall consist of one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one additional share at a price of 10 cents per warrant share for a period of two years from the date of closing of the offering. Finders' fees of up to 7 per cent may be payable on a portion of the placement. The units, shares and warrant shares will be subject to applicable resale restrictions, including a four-month hold period from date of closing of the offering under applicable Canadian securities laws. Completion of the offering is subject to regulatory approval, including approval of the TSX Venture Exchange. Proceeds will be used for general corporate working capital purposes.