Business
1844 Announces Repricing of Previously Announced Private Placement for Gross Proceeds of up to $2,000,000
Saskatoon, Saskatchewan--(Newsfile Corp. - June 9, 2023) - 1844 RESOURCES Inc. (TSXV: EFF) (the...
About this update from 1844 Resources Inc
[{"type":"text","content":"1844 Announces Repricing of Previously Announced Private Placement for Gross Proceeds of up to $2,000,000Saskatoon, Saskatchewan--(Newsfile Corp. - June 9, 2023) - 1844 RESOURCES Inc. (TSXV: EFF) (the \"Company\" or \"1844\") due to market conditions, 1844 announces amended pricing to its previously announced non-brokered private placement (the \"Offering\"). Pursuant to the amended pricing, the Company is increasing the number of units (the \"Units\") to be issued from up to 40,000,000 Units to up to 57,142,858 Units and has amended the Unit pricing from $0.05 per Unit to $0.035 per Unit. The gross proceeds for the Offering will continue to be for gross proceeds of up to $2,000,000.The Units will consist of one common share of the Company and one common share purchase warrant (a \"Warrant\"). The Warrants are exercisable for a period of 36 months from closing and the exercise price of the Warrants was reduced from $0.075 per warrant to $0.055 per Warrant. In connection with the Offering, the Company will pay 8% cash finders fee and 8% non-transferable share purchase warrants, each warrant entitling the holder thereof to purchase one common share of the Company at a price of $0.05 per share for a period of 12 months from closing.Insiders of the Company are expected to participate in the Offering to the extent of up to 2,500,000 Units. This participation by insiders in the Offering constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). However, the Company considers such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Units subscribed for by the insiders and the consideration for the Units paid by such insiders, would not exceed 25 per cent of the Company's market capitalization.1844 will use the net proceeds from the Offering in connection with its option to acquire the Hawk Ridge Project, for exploration on the Hawk Ridge Project and for general corporate purposes. Mr. Sylvain Laberge, President and CEO of the Company commented: \"The option to acquire a 100% interest in the Hawk Ridge Project is transformational for 1844. Hawk Ridge is expected to become one of the flagship properties of the Company and is expecte...