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Aero Energy Announces Closing of Second and Final Tranche of Oversubscribed Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Vancouver,...
About this update from Aero Energy Limited
[{"type":"text","content":"Aero Energy Announces Closing of Second and Final Tranche of Oversubscribed Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESVancouver, British Columbia--(Newsfile Corp. - March 8, 2024) - Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) (\"Aero\" or the \"Company\") is pleased to announce that, further to its news releases dated February 13, 2024 and March 6, 2024, it has closed the second and final tranche of its previously announced non-brokered private placement (the \"Offering\") for additional gross proceeds of $1,362,830. The Offering was oversubscribed, and the Company issued an aggregate of 34,719,349 units for aggregate gross proceeds of $5,900,000 between the two tranches. In connection with the completion of the second tranche of the Offering, the Company issued (i) 5,693,913 non-flow-through units of the Company (each, an \"NFT Unit\") at a price of $0.15 per NFT Unit; and (ii) 2,907,100 flow-through units of the Company (each, an \"FT Unit\") at a price of $0.175 per FT Unit; for aggregate gross proceeds of $1,362,830. Each NFT Unit consists of one non-flow-through common share of the Company (each, a \"Share\") and one-half of one share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Unit consists of one Share and one-half of one Warrant, which will qualify as \"flow-through shares\" under the Income Tax Act (Canada). Each Warrant entitles the holder thereof to acquire one additional common share of the Company (each, a \"Warrant Share\") at a price of $0.25 per Warrant Share until March 8, 2026. The Warrant Shares will be issued on a non-flow-through basis.The securities issued pursuant to the second tranche of the Offering will be restricted from trading until July 9, 2024. A total of $94,552 cash was paid and a total of 596,430 finder's warrants (the \"Finder's Warrants\") were issued to eligible arm's length finders in connection with the closing of the second tranche. The Finder's Warrants were issued on the same terms as the Warrants. Eventus Capital Corp. was appointed as a Finder in connection with the Offering. The gross proceeds from the sale of the FT Units and the Charity FT Units will be used by the Company to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through critical mineral minin...