NEWS: $VERT Closes $1.95M Private Placement!!
Vertical Exploration closes $1.95M private placement
2021-12-23 19:36 ET - News Release
Mr. Peter Swistak reports
VERTICAL CLOSES FULLY SUBSCRIBED FLOW THROUGH FINANCING
Vertical Exploration Inc. has closed its previously announced non-brokered private placement (see press release Dec. 21, 2021), of 13,000,001 flow-through units at a price of 15 cents per FT unit for aggregate gross proceeds of $1,950,000.15.
Each flow-through unit shall comprised one common share of the company issued on a flow-through basis and one transferable common share purchase warrant, exercisable for two years from the date of closing, to be issued on a non-flow-through basis. Each warrant shall entitle the holder thereof to acquire one common share of Vertical at a price of 16 cents for the first 12 months following the closing of the offering and at a price of 25 cents thereafter.
The warrants are subject to an acceleration clause, in the event that the trading price of the shares on the TSX Venture Exchange reaches 31 cents per share on any single day, the corporation may, at its option, accelerate the warrant expiry date by delivery of notice to the registered holders thereof and issuing a press release and, in such case, the warrant expiry date shall be deemed to be 5 p.m. PT on the 30th day following the later of (i) the date on which the acceleration notice is sent to warrant holders, and (ii) the date of issuance of the warrant acceleration press release. The flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec).
Finders' fees of $93,000.01 and 620,000 finders' warrants were paid to an arm's-length party. Finders' warrants bear the same terms as the client warrants.
The shares and warrants comprising the units are subject to a four-month hold period expiring April 24, 2022.
Proceeds raised from the offering will be used to advance the company's St. Onge project in Quebec.
Closing of the offering is subject final approval of the TSX Venture Exchange.
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.