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BEACN Wizardry & Magic Inc. Announces Closing of First Tranche of Non-Brokered Private Placement
(TheNewswire) Vancouver, BC - TheNewswire - July 26, 2023 - BEACN Wizardry ...
About this update from Beacn Wizardry & Magic Inc
[{"type":"text","content":"BEACN Wizardry & Magic Inc. Announces Closing of First Tranche of Non-Brokered 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 \n \n Vancouver, BC -\n \n \n TheNewswire\n-\n \n \n July 26, 2023 -\n \n \n BEACN Wizardry & Magic Inc.\n \n \n (TSX-V:BECN)\n \n \n (“\n \n \n BEACN\n \n \n ” or the “\n \n \n Company\n \n \n ”) is pleased to announce the closing\nof the first tranche of $790,000 of the non-brokered private placement\n(the “Offering”) first announced on July 4, 2023 for gross\nproceeds of $1,000,000 from the sale of 5,000,000 units of the Company\n(the “Units”) at a price of $0.20 per Unit. Each Unit is comprised\nof one common share (a “Share”) and one non-transferable common\nshare purchase warrant (a “Warrant”). Each Warrant will entitle\nthe holder to purchase one additional Share for a period of three\nyears expiring on July 25, 2026 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 participated in the\nOffering and were issued an aggregate of 2,000,000 Units. Such\nparticipation in the Offering constitutes a “rela\n \n \n \n \n ted party transaction” as defined\nin Multilateral Instrument 61-101 –\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“61-101”). The\nOffering is exempt from the formal valuation and minority shareholder\napproval requirements of 61-101 as neither the fair market value of\nthe securities issued to related parties nor the consideration for\nsuch securities exceed 25% of the Company’s market capitalization.\nThe Company did not file a material change report 21 days prior to\nclosing of the Offering as the participation of insiders of the\nCompany in the...