Business
Spey Resources Corp. Announces Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2020) - Spey Resources Corp. (CSE: SPEY) ("Spey" or the "Company") is pleased to announce that the no
About this update from Armory Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - January 20, 2020) - Spey Resources Corp. (CSE: SPEY) (\"Spey\" or the \"Company\") is pleased to announce that the non-brokered private placement (the \"Private Placement\") previously announced on January 13, 2020 has now closed. Under the Private Placement, the Company issued an aggregate of 2,100,000 units (\"Units\") at a price of $0.03 per Unit for gross proceeds of $63,000. Each Unit was comprised of one (1) common share (each, a \"Common Share\") in the capital of the Company and one (1) non-transferrable Common Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.05 per Common Share until January 20, 2022. All dollar amounts in this release are expressed in Canadian dollars. All securities issued in connection with the Private Placement are subject to a four-month and a day transfer restriction from the date of issuance. The Company intends to use the proceeds of the Private Placement for general corporate purposes including G&A. The Private Placement is subject to the approval of the Canadian Securities Exchange. Directors and Senior Officers of the Company purchased 1,400,000 Units in this private placement and their participation is considered to be \"related party transactions\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Private Placement nor the consideration to be received for those securities exceeds $2,500,000. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the Private Placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons. On behalf of the Board of Directors of SPEY RESOURCES CORP. \"David Thornley-Hall\"David Thornley-Hall, President and Director For more information, please contact the Company at:[email protected] Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute \"forw...