Business
Spey Resources Corp. Announces First Tranche Closing of Private Placement and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2020) - Spey Resources Corp. (CSE: SPEY) ("Spey" or the "Company") is pleased to announce that a fi
About this update from Armory Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 29, 2020) - Spey Resources Corp. (CSE: SPEY) (\"Spey\" or the \"Company\") is pleased to announce that a first tranche of the non-brokered private placement (the \"Private Placement\") previously announced on July 30, 2020 has now closed. In this first tranche of the Private Placement, the Company issued an aggregate of 3,194,500 units (\"Units\") at a price of $0.10 per Unit for gross proceeds of $319,450. 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 $0.22 per Common Share until September 28, 2022. The warrants are subject to an accelerated expiry date, which comes into effect when the trading price on the Canadian Securities Exchange of the Company's common shares closes at or above $0.40 per share during any 10-day-consecutive-trading-day period commencing four months plus one day after the date of issuance of the warrants. In such event, the Company may give an expiry acceleration notice to warrant holders and the expiry date of the warrants will be 30 days from the date of the notice. 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 to advance exploration of the Silver Basin Property and for general corporate purposes including G&A. The Private Placement is subject to the approval of the Canadian Securities Exchange. Related Party Disclosure Marshall Farris, CEO and a director of the Company, purchased 140,000 Units in the Private Placement; 0938871 BC Ltd., a company owned by David Thornley-Hall, President and director of the Company, purchased 199,500 Units in the Private Placement; and, Tracy Mabone, CFO of the Company, purchased 105,000 Units of the Private Placement. The above noted subscriptions are 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...