Prospectus Approved By TSX. Eliminates $5.8M in debt.2019-08-28 19:15 ET - Prospectus Approved
The company's short form prospectus dated May 23, 2019, was filed with and accepted by the TSX Venture Exchange and filed with and receipted by the securities regulatory authorities of the British Columbia, Alberta, Manitoba and Ontario securities commissions, pursuant to the provisions of the respective securities acts.
Offering: The offering consists of 39,166,666 units at the price of six cents per unit. Each unit consists of one common share, one-half of one common share purchase warrant (each such whole common share purchase warrant, a 10-cent warrant) and a second one-half of one common share purchase warrant (each such whole common share purchase warrant, a 12-cent warrant). Each 10-cent warrant is exercisable to purchase one common share at a price of 10 cents per 10-cent warrant for a period of six months following the closing date. Each 12-cent warrant is exercisable to purchase one common share at a price of 12 cents per 12-cent warrant for a period of 24 months following the closing date.
Offering price: six cents per unit
Underwriter: none
Agent: Gravitas Securities Inc.
Agent's commission: The agent received a cash commission equal to 8 per cent of the gross proceeds realized from the sale of the units and additional securities. The agent was also granted a number of compensation options equal to 8 per cent of the aggregate number of units and additional units sold under the offering, exercisable at a price of six cents per compensation option for a period of 24 months following the closing date. Each compensation option shall comprise one common share, one-half of one 10-cent warrant and one-half of one 12-cent warrant.
Overallotment option: The agent has been granted an overallotment option, exercisable for a period of 30 days following the closing date, to purchase an additional number of units equal to 15 per cent of the number of common shares sold pursuant to the offering at a price of six cents per additional unit, 5.87 cents per additional share, 0.04 cent per additional 10-cent warrant and 0.22 cent per additional 12-cent warrant.
For further information, please refer to the company's prospectus dated May 23, 2019.
The exchange has been advised that a total of 45,041,334 units, including 5,874,668 units pursuant to the exercise of the overallotment option, have been issued at a price of six cents per unit pursuant to the closing of the offering for aggregate gross proceeds of $2,702,480.