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Atlas Engineered Products Announces Closing of Oversubscribed Private Placement for Gross Proceeds of Over $4.5 million
Atlas Engineered Products Announces Closing of Oversubscribed Private Placement for Gross ...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"\n\n\n\nAtlas Engineered Products Announces Closing of Oversubscribed Private Placement for Gross Proceeds of Over $4.5 million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNANAIMO, BC, Feb. 10, 2020\n\n\n\nNANAIMO, BC, Feb. 10, 2020 /CNW/ - Atlas Engineered Products (\"AEP\" or the \"Company\") (TSX-V: AEP; OTC Markets: APEUF) is pleased to announce that it has closed its previously announced non-brokered private placement offering for gross proceeds of $4,597,253.60 (\"the Offering\"). The Offering was previously announced on December 16, 2019 for proposed gross proceeds of up to $4,250,000. \nThe Company issued a total of 11,493,134 units (each a \"Unit\") under the Offering at a price of $0.40 per Unit. Each Unit under the Offering consists of one AEP common share (a \"Common Share\") and one non-transferrable Common Share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.60 per share for a period of two years from the date of issuance. \nDirectors and officers purchased a total of 475,000 Units for gross proceeds of $190,000.  Employees of AEP purchased an additional 307,500 Units under the Offering for gross proceeds of $123,000. The sale of securities to AEP's directors and officers is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions as the fair market value of the securities purchased in the Offering by AEP's directors and officers is less than 25% of AEP's market capitalization. A material change report was not filed in respect of the participation by AEP's directors and officers as, in the opinion of management, such participation does not constitute a \"material change\" as defined in National Instrument 51-102 – Continuous Disclosure Obligations.\nAEP's CEO and President, Dirk Maritz, stated \"We are very pleased by the strong interest in AEP that we've received from across North America as demonstrated by our oversubscribed...