Bemetals increases private placement to $7.5-million
2020-07-23 15:38 ET - News Release
Mr. John Wilton reports
BEMETALS UPSIZES PRIVATE PLACEMENT TO $7.5M DUE TO HIGH DEMAND
Bemetals Corp. has amended the terms of its previously announced offering of shares of the company. Under the amended terms of the offering (as defined herein), a syndicate of agents led by Haywood Securities Inc. and including Canaccord Genuity Corp. and Raymond James Ltd. has agreed to sell, on a commercially reasonable efforts private placement basis, up to 18.75 million common shares at a price of 40 cents per share for aggregate gross proceeds of up to $7.5-million.
The company plans to use the net proceeds from the offering for the exploration and advancement of the company's projects in Idaho and Zambia, and for general corporate purposes, including the continued review of potential gold project acquisitions. The offering is scheduled to close on or about Aug. 13, 2020, and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The common shares issued in the offering will be subject to a statutory hold period of four months and one day following the closing date.
We seek Safe Harbor.
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