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A.I.S. Resources Announces Private Placement Financing, Shares for Debt Transaction and Appoints Marc Enright-Morin as President and Chief Executive Officer
VANCOUVER, British Columbia, Feb. 24, 2025 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited ( TSXV:...
About this update from Ais Resources Ltd
[{"type":"text","content":"A.I.S. Resources Announces Private Placement Financing, Shares for Debt Transaction and Appoints Marc Enright-Morin as President and Chief Executive Officer\n\n\n\n VANCOUVER, British Columbia, Feb. 24, 2025 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (\n \n TSXV: AIS, OTC- PINK: AISSF\n \n ) (“AIS” or the “Company”) announces a non-brokered private placement of up to 2,857,143 Units at a price of $0.035 per Unit for gross proceeds of $100,000 (the \"Private Placement\"). The proceeds will be used for general working capital.\n \n\n Each Private Placement Unit consists of one common share and one transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share for a period of 2 years from the closing date of the offering at a price of $0.05 per common share. The Company may pay finders fees of up to 8% cash and 8% finders warrants on a portion of the placement.\n \n\n\n Shares for Debt Transaction\n \n\n\n The Company has also entered into debt settlement agreements with various creditors to settle an aggregate amount of $625,443.62 in outstanding debt related to services provided to AIS through the issuance of an aggregate of 12,508,872 common at a deemed price of $0.05 per Common Share (the \"Shares for Debt Transaction\").\n \n\n Closing of the Private Placement and Shares for Debt Transaction is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Private Placement and Shares for Debt Transaction will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.\n \n\n The participation of certain insiders, being \"related parties\" of AIS means that the Private Placement and Shares for Debt Transaction are considered related party transactions within the meaning of Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n\n (\"MI 61-101\")\n \n . The related party transactions will be exempt from minority approval, information circular and formal valuation requirements of MI 61-101 pursuant to the exemptions contained in Sections 5.5(b) as AIS is not listed on a specified market within the meaning of MI 61-101 and 5.7(1)(b) of MI 61-101, as neither the fair market value of the gross sec...