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Sojourn Closes First Tranche of $2.8 Million Financing
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2018) - Sojourn Exploration Inc. (TS...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"\nSojourn Closes First Tranche of $2.8 Million FinancingVancouver, British Columbia--(Newsfile Corp. - August 23, 2018) - Sojourn Exploration Inc. (TSXV: SOJ) (the \"Company\" or \"Sojourn\") is pleased to announce that it has closed the first tranche of its $2.8 million non-brokered private placement (the \"Private Placement\") announced on August 9, 2018, raising aggregate gross proceeds of $2,303,500 by the sale of 23,035,000 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 Private Placement is fully subscribed. The Company will close on the balance of approximately 4,965,000 units for aggregate gross proceeds of $496,500 concurrent with the closing of the Millrock Resources Inc. and Seven Devils Exploration Ltd. property acquisitions announced in its August 9, 2018, news release. These acquisitions are expected to close shortly on receipt of final TSX Venture approval, and a further news release will be issued at that time. In connection with the closing of the initial tranche of the Private Placement, the Company paid finder's fees totaling $84,860. The Company also issued to certain finders non-transferable warrants to acquire 848,600 common shares from treasury at a price of $0.15 per warrant, exercisable at any time within the 36-month period following the closing date.The units sold in the initial tranche of the Placement and any shares issued on the exercise of the warrants comprising these units, are be subject to a resale hold period under applicable Canadian securities laws which expires on December 24, 2018. Tim Henneberry, a director and officer of the Company, purchase 100,000 units having a subscription price of $10,000. Following the closing of the initial tranche of the Private Placement, Mr. Henneberry will beneficially own or control 303,333 common shares, representing approximately 0.80% of the Company's issued and outstanding common shares on an undiluted basis. Mr. Henneberry is a \"related party\" of the Company under MI 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), but his purchase of units is exempt from the minority approval and valuation requirements of MI 61-101 as the value of the transactio...