Currie Rose announces that it has closed the second and final tranche of the previously announced non-brokered private placement (See Press Release Dated October 27, 2021, December 2, 2021 and January 14, 2022) and issued an aggregate of 5,460,894 Units at a price of C$0.05 per Unit for aggregate gross proceeds of C$273,044.70. Each Unit consists of one share in the capital of the Company (each a "Common Share") and one Common Share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.10 per Common Share at any time prior to August 5, 2024. If the volume-weighted average price of the common shares of the Company on the TSX Venture Exchange over the preceding 20 trading days is greater than C$0.25, the Company can elect to accelerate the term of the Warrants to 30 calendar days following the date a press release announcing the notice of acceleration is provided.
In connection with the closing, the Company will pay compensation of C$4,500 and issue 90,000 finders warrants to Paloma Investments Inc. (the "Finders Warrants"). Each Finder Warrant entitles the holder to acquire one Common Share at a price of C$0.05 per share any time prior to August 5, 2024.
All securities issued under the Offering are subject to a hold period of four months and a day from the date of issue. The net proceeds of the Offering will be utilized for the further development of the Project.
The participation by insiders of the Company in the second tranche for C$32,394.70 or 647,894 Units constitutes a "related party transaction" pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in section 5.5(b) and Section 5.7(1)(b) of MI 61-101, respectively, on the basis that no securities of the Company are listed or quoted on any of the markets specified in Section 5.5(b) of MI 61-101 and the fair market value of the securities issued to related parties pursuant to the Financing, does not exceed $2,500,000, along with the other applicable circumstances contained in section 5.7(1)(b) of MI 61-101.
