Captiva Verde increases private placement to $2.9M
Captiva Verde increases private placement to $2.9M
2021-03-22 20:55 ET - News Release
Mr. Jeff Ciachurski reports
CAPTIVA VERDE ANNOUNCES INCREASE TO PRIVATE PLACEMENT AND COMPLETES SECOND TRANCHE
Captiva Verde Land Corp. has increased the size of its continuing non-brokered private placement to offer 10,740,740 units for gross proceeds of up to $2.9-million.
In addition, the company has closed the second tranche of the private placement, issuing 740,740 units at a price of 27 cents per unit for gross proceeds of $200,000. To date, the company has raised $929,000 pursuant to the private placement. Each unit comprises one common share of the company and one common share purchase warrant of the company. Each warrant is exercisable into an additional common share at an exercise price of 75 cents expiring on March 22, 2023.
The company expects to complete a fully paid additional tranche of the private placement, with Greenbriar Capital Corp. purchasing 7.3 million units, pending approval from the TSX Venture Exchange. For further information regarding the private placement, please review the company's news release of Feb. 8, 2021, and March 12, 2021.
The company paid cash finders' fees totalling $11,340 to certain eligible finders in connection with the closing of the first tranche of the private placement.
All securities sold in the second tranche of the private placement are subject to a statutory four-month hold period, expiring July 23, 2021, in accordance with applicable securities legislation. The proceeds of the private placement will be used for general working capital.