NEWS: VERT Fills and Closes Financing
Vertical closes private placement for $664,997
2020-06-17 16:30 ET - News Release
Mr. Peter Swistak reports
VERTICAL EXPLORATION CLOSES FINANCING
Further to the press releases dated Jan. 24, 2020, March 4, 2020, April 13, 2020, and May 26, 2020, Vertical Exploration Inc. has closed its non-brokered private placement. The company issued 18,999,929 common share units at a price of 3.5 cents per unit for aggregate gross proceeds of $664,997.52.
Finders' fees of $8,025.50 and 229,300 finders' warrants were paid to arm's-length parties. Each finder's warrant entitles the finder to purchase one common share in the company for a purchase price of five cents for a period of 12 months from the date of closing.
The shares and warrants comprising the units and the finders' warrants are subject to a four-month hold period expiring Oct. 18, 2020.
Proceeds raised from the offering will be used to advance the company's St. Onge project in Quebec, for general working capital and for unallocated funds as per Tier 2 status requirements.
This offering is subject to TSX Venture Exchange final approval.
About Vertical Exploration Inc.
Vertical Exploration's mission is to identify, acquire and advance high-potential mining prospects located in North America for the benefit of its stakeholders. The company's flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the province of Quebec.
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