Vancouver, British Columbia--(Newsfile Corp. - May 13, 2024) - Oracle Commodity Holding Corp. (TSXV: ORCL) ("Oracle" or the "Company") is pleased to announce that it proposes to undertake a non-brokered private placement (the "Private Placement") to raise gross proceeds of $429,000 through the sale of 3,900,000 units (the "Units") at a price of $0.11 per Unit. Each Unit consists of one common share of the Company and one share purchase warrant (the "Warrant") with each Warrant entitling the holder to purchase one additional common share of the Company at a price of $0.15 per share for a period of three years from issuance (the "Private Placement").
The securities issued as part of the Private Placement will be subject to a hold period of four months plus one day from the date of issue.
John Lee, Oracle's Chairman will subscribe for 1,300,000 Units for gross proceeds of $143,000. Additionally, Silver Elephant Mining Corp ("Silver Elephant")., will subscribe for 1,470,000 Units for gross proceeds of $161,700 to maintain its 35.82% Oracle ownership. The issuance of Units to insiders pursuant to the Placement will be considered related party transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization. The Company will file a material change report in respect of the related party transactions in connection with the Placement. The Placement is subject to approval by relevant stock exchanges.
Proceeds of the Placement are expected to be used for working capital and general corporate purposes.
Finder's fee may be payable on a portion of the Private Placement.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Oracle Commodity Holding Corp.
Oracle Commodity Holding Corp. is a mining royalty company, a spin out from Silver Elephant Mining Corp. in 2022.
Oracle's business is acquiring royalties on silver and critical minerals mining projects.
Further information on Oracle Commodity can be found at www.oracleholding.com.
ORACLE COMMODITY HOLDING CORP.
ON BEHALF OF THE BOARD
“Anthony Garson”
CEO
For more information about Oracle Commodity, please contact:
Email: info@oracleholding.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208939
