Business
Spey Resources Corp. Announces Closing of Private Placement and Grant of Stock Options
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2019) - Spey Resources Corp. (CSE: SPEY) ("Spey" or the "Company") is pleased to announce that the non-
About this update from Armory Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 16, 2019) - 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 March 19, 2019 has now closed. Under the Private Placement, the Company issued an aggregate of 1,350,000 units (\"Units\") at a price of $0.06 per Unit for gross proceeds of $81,000. 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 $0.10 per Common Share until April 10, 2020. 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 as well as further evaluation of the Company's current property and additional properties under review. The Private Placement is subject to the approval of the Canadian Securities Exchange. Marshall Farris, CEO, Corporate Secretary and a director of the Company, purchased 200,000 Units and his participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction is 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, in so far as the Private Placement involves Mr. Farris, 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. Early Warning Disclosure Prior to the issuance of the units, Mr. Farris held 2,550,000 Common Shares. Following completion of the Private Placement, Mr. Farris now has control and...