Vertical Exploration arranges $1.95M private placement
2021-12-21 16:39 ET - News Release
Mr. Peter Swistak reports
VERTICAL ANNOUNCES FLOW THROUGH FINANCING
Vertical Exploration Inc. has arranged a non-brokered private placement of 13 million flow-through units at a price of 15 cents per FT unit for aggregate gross proceeds of $1.95-million.
Each flow-through unit shall comprise one common share of the company, issued on a flow-through basis, and one transferrable common share purchase warrant, issued on a non-flow-through basis, exercisable for two years from the date of closing. Each warrant shall entitle the holder thereof to acquire one common share of Vertical Exploration at a price of 16 cents for the first 12 months following the closing of the offering and at a price of 25 cents thereafter. The warrants are subject to an acceleration clause. In the event that the trading price of the shares on the TSX Venture Exchange reaches 31 cents per share on any single day, the corporation may, at its option, accelerate the warrant expiry date by delivering a notice to the registered holders thereof and issuing a press release, and, in such case, the warrant expiry date shall be deemed to be 5 p.m. PT on the 30th day following the later of: (i) the date on which the acceleration notice is sent to warrantholders; or (ii) the date of issuance of the warrant acceleration press release. The flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec)).
Proceeds raised from the offering will be used to advance the company's St. Onge project in Quebec.
Finders' fees may be payable on the private placement, subject to the policies of the TSX-V.
This offering is subject to TSX-V acceptance.
About Vertical Exploration Inc.
Vertical Exploration's mission is to identify, acquire and advance high-potential mining prospects located in North America for the benefit of its stakeholders. The company's flagship St. Onge wollastonite property is located in the Lac Saint-Jean area in the province of Quebec.