wwmeinc wrote: ....that was on tap from this dynamic duo?! Seems to be taking a very long time to finish off the remaining ~18.8M units.....once the Aussie's take their agreed upon ~16.2M share....maybe they had second thoughts;))) Just kidding...they gave themselves a sweetheart opportunity to sell high and buy low all the while keepiing their control of the company.
At least mgmt had offered up these units for the grand price of 0.20cts cdn....how generous of them....wonder if they viewed the video from youtube that the ex-shareholder/employee/shorter...etc... posted? glta
Cryptostar has also secured financing commitments of $7-million for a proposed non-brokered private placement of 35 million units of the company at a price of 20 cents per offered unit.
Each offered unit shall consist of one of common share and one common share purchase warrant of Cryptostar. Each offered unit warrant shall entitle the holder to acquire one common share at a price of 27 cents per common share for a period of 18 months following the closing date of the offering.
The offering is subject to TSX-V approval. The securities issued in connection with the offering will be subject to a four-month hold period, in accordance with applicable securities laws.
It is anticipated that A.C.N. 117 402 838 Pty. Ltd., an insider of the company, will acquire 16,157,500 units under the offering. Any participation by A.C.N. in the offering would constitute a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Securityholders. The company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units subscribed for by insiders, nor the consideration for the units paid by such insiders, would exceed 25 per cent of the company's market capitalization.
Cryptostar intends to use the net proceeds from the offering for business operations and expansion of its business, to reduce indebtedness and for general working capital purposes. Cryptostar may pay a finder's fee to eligible parties in connection with the offering, subject to the approval of the TSX-V and compliance with applicable securities laws.