Business
01 Communique Completes Non-Brokered Offering of Units
TORONTO, ON / ACCESSWIRE / June 1, 2020 / 01 Communique Laboratory Inc. (the "Company") (...
About this update from 01 Quantum Inc.
[{"type":"text","content":"01 Communique Completes Non-Brokered Offering of UnitsTORONTO, ON / ACCESSWIRE / June 1, 2020 / 01 Communique Laboratory Inc. (the \"Company\") (TSXV:ONE) is pleased to announce that it has closed a non-brokered private placement of units (\"Units\"). Pursuant to the offering the Company issued a total of 1,683,334 Units raising aggregate gross proceeds of $202,000. Following the closing of the offering, the Company has 81,918,806 common shares issued and outstanding.Each Unit was issued at a price $0.12 and consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant being referred to herein as a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.15 per Common Share at any time on or before May 29, 2022.In connection with the offering the Company paid a finder's fee of $5,600 and issued 46,667 warrants. Each such warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.12 at any time on or before May 29, 2022.The Company will use the gross proceeds of the offering of Units for product development and general working capital purposes.The securities issued under the offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.The securities issued in connection with the offering were issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Such securities are subject to a four month hold period which will expire on September 30, 2020.Pursuant to the offering, the Company issued Units to a purchaser that is considered to be \"related parties\" (within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\")), making the Offering a \"related party transaction\" (within the meaning of MI 61-101) (the \"Related Party Subscriptions\"). The Company was exempt from obtaining a formal valuation for, and minority ...