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Sojourn Announces Acquisition of Seven Properties in British Columbia, New Management Team, and Successful Closing of Second Tranche of $2.8 Million Financing
Propert y Purchase Agreements Vancouver, British Columbia--(Newsfile Corp. - September 1...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"Sojourn Announces Acquisition of Seven Properties in British Columbia, New Management Team, and Successful Closing of Second Tranche of $2.8 Million FinancingProperty Purchase AgreementsVancouver, British Columbia--(Newsfile Corp. - September 14, 2018) - Sojourn Exploration Inc. (TSXV: SOJ) (the \"Company\" or \"Sojourn\") is pleased to advise that further to its previous announcements on August 9, 2018 and August 23, 2018, it has closed on the mineral property purchase agreements with Seven Devils Exploration Ltd. (\"Seven Devils\") for Seven Devils' Oxide Peak, Eagle, Rip and Teeta Creek properties, and with Millrock Resources Inc. (\"Millrock\") for Millrock's Willoughby, Oweegee, and Todd Creek properties, all located in British Columbia. The Company has also entered into Investor Rights Agreements (the \"Agreements\") with Seven Devils and Millrock, entitling Seven Devils to nominate two board members and Millrock to nominate one board member. The Agreements also entitle Seven Devils and Millrock to maintain their ownership percentage in the Company by participating in future offerings of the Company's securities.New Management Team and BoardSojourn has appointed the following management team members: Dr. Tyler Ruks as Chief Executive Officer and President, Nigel Luckman as Chief Operating Officer and Jeff Kyba as Vice President Exploration. John Meekison will remain as Chief Financial Officer. Timothy Henneberry has resigned as Interim Chief Executive Officer.Sojourn's board will be reconstituted to comprise four directors, including: Tyler Ruks, Gregory Beischer, John Meekison and Joel Dumaresq. Don Lay and Timothy Henneberry have resigned as Sojourn directors. The new board wishes to acknowledge and thank Mr. Lay and Mr. Henneberry for their time and service to Sojourn.Private PlacementSojourn also has closed the second tranche of its non-brokered private placement (the \"Placement\") announced on August 9, 2018, raising additional gross proceeds of $496,500 by the sale of 4,965,000 units. In total, the Company raised gross proceeds of $2,800,000 through the issuance of 28,000,000 units. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.15 per common share for a period of three years from closing. The units sold in the second ...