TSXV:GHR.H - Post by User
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mrsgoldmineron Aug 29, 2018 12:53pm
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Golden Harp arranges $500,000 private placement
Golden Harp arranges $500,000 private placement Golden Harp arranges $500,000 private placement
2018-08-29 12:40 ET - News Release
Mr. Shaun Maskerine reports
GOLDEN HARP ANNOUNCES PRIVATE PLACEMENT AND SHARES FOR DEBT
Golden Harp Resources Inc. will be proceeding with a non-brokered private placement of up to 10 million units at a price of five cents per unit for gross proceeds of up to $500,000. Each unit will include one common share of the company and one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant will entitle the holder to acquire a common share at a price of $0.06 for a period of 12 months. The net proceeds of the private placement will be used for general working capital purposes. Completion of the private placement will be subject to the approval of the TSX Venture Exchange.
The Company also announces it has entered into agreements to settle approximately $632,945 of outstanding debt obligations owed to members of management and a third party through the issuance of 13,917,486 common shares at a deemed price of $0.05 per Share. The completion of the debt settlements are subject to the approval of the TSX Venture Exchange. In accordance with applicable securities laws, the shares will be subject to a hold period of four months and one day from the date of completion of the debt settlement. The debt settlement will result in the creation of a new control position to be held by Timothy Young, who will be issued 7,422,648 common shares representing 56.57% of the Company and the balance of the debt settlement will be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the remaining debts are held by CEO Shaun Maskerine and CFO Kyle Takeuchi. As a result, the completion of the debt settlement will be subject to shareholder approval and in the case of the debt settlements with Mssrs. Maskerine and Takeuchi will be subject to the minority shareholder approval requirements of MI 61-101.
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