2018-10-15 19:44 ET - News Release
Mr. Marc Levy reports
AVARONE METALS INC. ANNOUNCES PRIVATE PLACEMENT AND APPOINTMENT OF NEW DIRECTOR
Avarone Metals Inc. intends to raise gross proceeds of up to $100,000 through a non-brokered private placement financing of up to two million units of the company at a price of five cents per unit. Each unit will consist of one common share and one transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at a price of five cents for a period of five years from the closing date of the offering.
The Offering is subject to all necessary regulatory approvals and the securities to be issued in connection with the Offering will be subject to a four-month plus one day hold period in accordance with applicable Canadian securities laws. The Company anticipates there may be insider participation in the Offering.
The Company may pay a finder's fee on some of the gross proceeds to certain introducing parties in respect of the Offering, subject to compliance with applicable securities laws and CSE policies.
The Company intends to use the net proceeds of the Offering for general working and corporate purposes.
The Company also wishes to announce that Mr. Peter Lee has been appointed as a director of the Company.
Mr. Lee is a chartered professional accountant with more than 17 years of experience in both public practice and industry experience with specific expertise in financial management and reporting, and corporate finance. He has been involved with diverse business start-ups and has experience in senior management roles.
Mr. Lee attended the University of British Columbia and earned his Bachelor of Science (double major in biochemistry and chemistry). After graduating UBC, he obtained his chartered accountant (CPA, CA) designation while at PricewaterhouseCoopers LLP Vancouver in 2006. Mr. Lee formed Kowest Capital Ltd., a private financial consulting company, where he has been employed since 2011. Since May 2011, Mr. Lee has been a director and CFO of several public companies listed on the CSE and TSXV.
In connection with Mr. Lee being appointed to the board of directors, the Company has granted Mr. Lee 250,000 stock options at an exercise price of $0.05 for a period of five (5) years.