Business
BEACN Wizardry & Magic Inc. Increases Financing to $1.4 Million
(TheNewswire) Vancouver, BC – TheNewswire - November 23, 2022 - BEACN Wiza...
About this update from Beacn Wizardry & Magic Inc
[{"type":"text","content":"BEACN Wizardry & Magic Inc. Increases Financing to $1.4 Million \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 Vancouver, BC –\n \n TheNewswire -\n \n November 23,\n2022 -\n \n BEACN Wizardry & Magic\nInc.\n \n (TSXV:BECN) (“BEACN” or the “Company”) is\npleased to announce that the non-brokered private placement (the\n“Offering”) announced on November 8, 2022, has been oversubscribed\nand will close shortly.\n \n \n Craig Fraser, CEO of BEACN, noted that\n \n “\n \n \n We are\nhappy to announce that this financing was very well received,\nincluding a significant investment from our early stage shareholders,\nand a large component of new investors. These funds will help us\ncontinue to advance new products and pursue exciting\ninnovations.”\n \n \n \n The BEACN team has increased the financing to $1.4 million or a total\nof 5,600,000 units of the Company (the “Units”) at a price of\nC$0.25 per Unit.\n \n \n Each Unit will be comprised of one common share (a “Share”) and\none non-transferable common share purchase warrant (a “Warrant”).\nEach Warrant will entitle the holder to purchase one additional Share\nfor a period of three years from the closing of the offering for\n$0.45.\n \n \n Directors and officers of BEACN and shareholders owning more than 10%\nof the Company’s Common Shares may participate in the Offering for a\nyet to be determined amount. Any such participation in the Offering\nwill constitute a “related party transaction” as defined in\nMultilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (“61-101”). The Offering will be exempt from the formal\nvaluation and minority shareholder approval requirements of 61-101 as\nneither the fair market value of the securities issued to related\nparties nor the consideration for such securities will exceed 25% of\nthe Company’s market capitalization. A material change report will\nbe filed in connection with the participation of the directors and\nofficers in the Offering potentially less than 21 days in advance of\nthe closing of the Offering, which the Company deems reasonable in the\ncircumstances so...