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Sojourn Options Golden Triangle Properties from Millrock Resources, Closes Concurrent $1.1M Financing, and Completes Name Change and Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2017) - Sojourn Exploration Inc.
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About this update from Arcwest Exploration Inc.
[{"type":"text","content":"Sojourn Options Golden Triangle Properties from Millrock Resources, Closes Concurrent $1.1M Financing, and Completes Name Change and Share ConsolidationVancouver, British Columbia--(Newsfile Corp. - August 24, 2017) - Sojourn Exploration Inc.  (TSXV: SOJ) (formerly, Sojourn Ventures Inc.) (the \"Company\" or \"Sojourn\") is pleased to announce that it has completed the issuance of the initial tranche of 1.8 million shares (the \"Year 1 Shares\") to Millrock Resources Inc. (\"Millrock\") under the option agreements (\"Option Agreements\") between the Company and Millrock dated June 9, 2017 entitling Sojourn to earn a 100% interest in Millrock's Oweegee and Willoughby properties, each located in the \"Golden Triangle\" northeast of the town of Stewart, British Columbia, as previously announced in the Company's news releases of June 14, 2017 and August 4, 2017. Sojourn also completed its previously-announced name change, 3:1 share consolidation, and concurrent private placement (the \"Private Placement\") for aggregate gross proceeds of $1,113,429.90.The closing of the transactions announced today are an important step in the Company's plan to secure exploration properties of exceptional merit in the Golden Triangle district of British Columbia; in the Company's opinion the properties secured today represent some of the most prospective targets available in this prolific region.The Private Placement was completed on a post-consolidation basis, and in the Private Placement the Company issued 7,422,866 units at a price of $0.15 per unit. Each unit is comprised of one common share of the Company (each a \"Share\") and one share purchase warrant (each a \"Warrant\", and together, a \"Unit\"). Each Warrant entitles its holder to acquire one additional Share at a price of $0.25 per Share within the 24-month period following the closing of the Private Placement, subject to the acceleration right described below. Immediately after the share consolidation, but before the Private Placement and the issuance of the Year 1 Shares, the Company had 5,022,512 Shares issued and outstanding. Taking into account the Private Placement and the 1.8 million Year 1 Shares issued to Millrock, the Company now has a total of 14,245,381 Shares issued and outstanding. Insider participation in the Private Placement totaled $100,500. Effect of the...