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Angel Wing Metals Announces Closing of Non-Brokered Private Placement Financing of ~$2.6 Million
Angel Wing Metals Announces Closing of Non-Brokered Private Placement Financing of ~$2.6 Million ...
About this update from Angel Wing Metals Inc
[{"type":"text","content":"\n \n \n \n Angel Wing Metals Announces Closing of Non-Brokered Private Placement Financing of ~$2.6 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 3, 2023\n \n \n /CNW/ -\n \n Angel Wing Metals Inc.\n \n (TSXV: AWM) (\"\n \n Angel Wing Metals\n \n \" or the \"\n \n Company\n \n \") announces it has completed its previously announced non-brokered private placement (\"Private Placement\") for 23,635,000 common share units of the Company (\"Units\") at a price of\n \n C$0.11\n \n for total gross proceeds of\n \n C$2,599,850\n \n .\n \n \n \n \n \n \n \n \n \n Each Unit of the Private Placement consists of one common share of the Company and one-half warrant. Each full warrant will be exercisable for a period of two years from issuance at a price per common share of\n \n C$0.25\n \n .\n \n \n Certain directors and an officer of the Company, including the Company's recently appointed President and CEO, (the \"Related Parties\") participated in and subscribed for 3,450,000 Units. As a result, the Private Placement constituted a \"related party transaction\" within the meaning of Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied on the exemptions under sections 5.5(a), 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of the formal valuation and minority shareholder approval requirements in respect of the Related Party's participation in the Private Placement under MI 61-101, as (i) the Company is not listed or quoted on any of the stock exchanges or markets listed in subsection 5.5(b) of MI 61-101, and (ii) as at the closing of the Private Placement, neither the fair market value of the Common Shares issued in connection with the Private Placement, nor the fair market value of the consideration received by the Company therefor,...