Business
BEACN Announces Intent to Close Second Tranche of Private Placement
(TheNewswire) Vancouver, BC – TheNewswire - August 31, 2023 - BEACN Wizardry...
About this update from Beacn Wizardry & Magic Inc
[{"type":"text","content":"BEACN Announces Intent to Close Second Tranche of Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC –\n \n \n TheNewswire -\n \n \n August 31, 2023 - BEACN Wizardry &\nMagic Inc.\n \n \n (TSXV:BECN) (“BEACN” or the\n“Company”) is pleased to announce that, further to its news\nrelease dated July 26, 2023 announcing the closing of the first\ntranche\n \n \n \n \n of the\nnon-brokered private placement (the “Offering”) of up to 5,000,000\nunits of the Company (the “Units”) at a price of C$0.20 per Unit\nfor gross proceeds to the Company of up to $1,000,000, the Company\nintends to complete a second tranche of the Offering, subject to\nreceipt of all necessary regulatory approvals including the TSX\nVenture Exchange (the “TSXV”). The second tranche is expected to\nclose by September 30, 2023.\n \n \n \n \n Under the Offering, each Unit will be comprised of one\ncommon share (a “Share”) and one non-transferable common share\npurchase warrant (a “Warrant”). Each Warrant will entitle the\nholder to purchase one additional Share for a period of three years\nfrom the closing of the Offering for $0.45.\n \n \n \n \n At the option of the investor and with the approval of\nthe Company, the Share may be designated an Eligible Business\nCorporation Share (an “EBC Share”) and if so designated the\ninvestor will be eligible for a 30% tax credit.  If elected, there\nwill be restrictions on the sale of the EBC Shares for a period of 5\nyears.  The Warrant will not be EBC eligible.\n \n \n \n \n Directors and officers of BEACN and shareholders owning\nmore than 10% of the Company’s Common Shares may participate in the\nOffering for a yet to be determined amount. Any such participation in\nthe Offering will constitute a “related party transaction” as\ndefined in Multilateral Instrument 61-101 –\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“61-101”). The\nOffering will be exempt from the formal valuation and minority\nshareholder approval requirements of 61-101 as neither the fair market\nvalue of the securities issued to related...