RE:FYI- Mr. Douglas Mason reports
INTERNATIONAL BETHLEHEM MINING CORP. CLOSES NON-BROKERED PRIVATE PLACEMENT OFFERING
International Bethlehem Mining Corp., further to its news release dated March 27, 2019, has closed its non-brokered private placement and has raised $75,000 by the issuance of 1.5 million units at a price of five cents per unit. Each unit comprises one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of six cents. All of the securities issued pursuant to this private placement are subject to a hold period expiring on Sept. 8, 2019.
The company intends to use the proceeds from this private placement for general working capital purposes and to investigate certain potential property and business opportunities.
Certain insiders of the company have subscribed for units pursuant to the private placement. The issuance of the units to the insiders pursuant to the private placement will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Section 5.5(b) and Section 5.7(1)(a) of MI 61-101 in respect of any insider participation.
C. Hugh Maddin has acquired ownership of 500,000 units of the company at a price of five cents per unit, for total consideration of $25,000, pursuant to the private placement. Mr. Maddin may purchase an additional 500,000 shares upon the exercise of the share purchase warrants comprising the units until May 7, 2024, at a price of six cents per share. The acquisition of the shares by Mr. Maddin represents approximately 2.38 per cent of the company's issued and outstanding common shares on a non-diluted basis. Maddin now holds 1,287,000 shares of the company, representing approximately 6.15 per cent of the outstanding common shares of the company on a non-diluted basis. Overall, Maddin also holds 1.2 million share purchase warrants to purchase shares of the company that, if exercised in full, would result in Maddin holding 2,487,000 shares of the company, or approximately 11.24 per cent of the company's then-issued and outstanding common shares, assuming no other shares of the company are issued. Mr. Maddin acquired ownership of the units for investment purposes and may, from time to time, increase or decrease his ownership position in the future in the market or privately as circumstances warrant. A copy of the early warning report filed by Mr. Maddin in connection with the acquisition of the units is available on SEDAR or by contacting the company at 604-922-2030.