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Alaska Energy Metals Announces Closing of an Oversubscribed $3.3 Million First Tranche, and an Increase in the Overall Size of Special Warrant Unit Offering
Highlights The first tranche of the previously announced $3.0 million special warrant offering has been closed oversubscribed at $3.3 million. The company annou
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" Highlights The first tranche of the previously announced $3.0 million special warrant offering has been closed oversubscribed at $3.3 million. The company announces an upsizing in the special warrant offering to $3.5 million. The company announces an additional non-brokered $0.15 private placement unit offering with a four-month hold totaling $341,250. VANCOUVER, British Columbia, July 08, 2024 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to announce the closing of the first tranche of the previously announced non-brokered offering of 22,255,429 special warrants (the “Special Warrants”) issued at the price of $0.15 per Special Warrant for gross proceeds of approximately $3,338,314 (the “Offering”). The Offering has been increased from $3,000,000 to up to $3,500,000. Each Special Warrant will automatically convert into one unit of the Company (each a “Unit”), as described below. Each Unit shall consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.20 per Share for a period of three years following the date of issue. Each Special Warrant will automatically convert, for no additional consideration, into Units on the date that is the earlier of: (i) the date that is three business days following the date on which the Company files a prospectus supplement to a short form base shelf prospectus with the applicable securities regulatory authorities qualifying distribution of the Units underlying the Special Warrants (the “Prospectus Supplement”), and (ii) the date that is four months and one day after the closing of the Offering. The Company will use its commercially reasonable efforts to file the Prospectus Supplement within 60 days of the closing of the Offering (not including the date of closing), provided, however, that there is no assurance that a Prospectus Supplement will be filed with the securities commissions, prior to the expiry of the statutory four-month hold period. The Company paid aggregate cash finder’s fees of approximately $181,261 to certain finders, being 7% of the gross proceeds raised by each such finder. As additional compensation the Company issued an aggregate of 1,208,409 non-transferable broker warran...