It's awashThe market will now be flooded with shares from the 30 cent December burnt "offering". The chart of capital flows runs downhill to the swamp
drip, drip drip
Unless you have a self serving DRIP, as do the execs and insiders.
The only ones left in hot water are the long-suffering bag holders and villagers patiently carrying water in leaky buckets to the bamboo patch.
Probably time for ESG investors to bail, and join Canyousayiii over at TMG looking for greener fields of opportunity. VANCOUVER, British Columbia, Dec. 21, 2020 (GLOBE NEWSWIRE) --
SHARC International Systems Inc. (CSE:SHRC) (FSE:IWIA) (OTCQB:INTWF) (the “Company” or “SHARC Energy”) is pleased to announce it has completed the sale of 10,001,000 common shares (each, a “ Share ”) on a non-brokered private placement basis at a price of $0.30 per Share for gross proceeds of $3,000,300 (the “ Offering ”).
Insiders of the Company invested $186,000 in the Offering. The proceeds from the fully subscribed private placement will be used for general working capital purposes in support of its sales and marketing efforts [????].
During the month of December to date, the Company has raised an additional $529,500 through stock option (“ Options ”) and common share purchase warrant (“ Warrants ”) exercises in addition to the Offering.
SHARC Energy does not anticipate any additional financings required to fund operations in 2021. With a healthy balance sheet entering the 2021 fiscal year, the Company is focused on creating shareholder value through the commercialization of SHARC and PIRANHA systems in North America and globally [????].
“With the proceeds from the Option and Warrant exercises and the closing of the $3.0M Offering, SHARC Energy enters the year with a strong balance sheet to support its current sales pipeline [????] and sales order backlog,” [????] says Hanspaul Pannu, Chief Financial Officer of SHARC Energy.
“With recent announcements such as the Government of Canada’s plan for climate change and clean growth , SHARC Energy is excited to be poised to take advantage of opportunities that arise as part of the transition to a low carbon economy.”
In connection with the Offering, the Company paid eligible finders an aggregate cash fee of $150,015 and issued 1,000,100 compensation warrants to eligible finders (the “ Compensation Warrants ”). Each Compensation Warrant entitles the holder thereof to purchase one Share of the Company at an exercise price of $0.45 for a period of two years following the date of issuance.
All securities issued in the Offering will be subject to a statutory hold period lasting four months and one day following the issue date of the applicable Share.