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A.I.S. Resources Upsizes Previously Announced Private Placement Financing
VANCOUVER, British Columbia, April 05, 2022 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that due to
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, April 05, 2022 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that due to demand the Company has upsized its previously announced non-brokered private placement for gross proceeds of up to 14,500,000 Units at a price of $0.035 per Unit for gross proceeds of $507,500 (the \"Private Placement\"). The proceeds will be used for general working capital and exploration of the Company’s gold projects in Australia. The Company may pay finders fees of up to 8% cash and 8% finders warrants on a portion of the placement. Each Unit consists of one common share and one transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share for a period of 12 months from the closing date of the offering at a price of $0.05 per common share. Closing of the Private Placement is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws. Certain directors and officers may participate in the Private Placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be paid by the insiders will exceed 25% of the Company's market capitalization. A material change report will be filed less than 21 days before the closing date of the transactions contemplated by this news release. The Company believes this shorter period is reasonable and necessary in the circumstances. The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the \"1933 Act\"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. pe...