Business
Bessor Minerals Closes First Tranche of Common Share Private Placement
NANAIMO, British Columbia, May 31, 2019 (GLOBE NEWSWIRE) -- Bessor Minerals Inc. (formerly, Troymet Exploration Corp.) (TSXV:BST) (“Bessor”) announces that, fur
About this update from Bessor Minerals Inc.
[{"type":"text","content":" NANAIMO, British Columbia, May 31, 2019 (GLOBE NEWSWIRE) -- Bessor Minerals Inc. (formerly, Troymet Exploration Corp.) (TSXV:BST) (“Bessor”) announces that, further to its March 4, 2019 news release, Bessor has closed the first tranche of its common share private placement, issuing 5,700,000 common shares at a price of $0.05 per common share for gross proceeds of $285,000. These common shares are subject to a hold period that expires on October 1, 2019. The net proceeds of the private placement will be used for general corporate and working capital purposes. Subject to regulatory approval and market interest, Bessor will issue a further news release if a second tranche closing of the private placement occurs. Exemption From MI 61-101 And TSXV Policy 5.9 Of the 5,700,000 common shares issued pursuant to the private placement, 2,700,000 common shares were issued to directors and officers of Bessor (Jason Riley, director: 1,300,000; Kieran Downes, CEO: 600,000; Derrick Auch, Corporate Secretary: 600,000; and Joseph Meagher, CFO: 200,000). Bessor relied on section 5.5(b) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as the exemption from the formal valuation requirements of MI 61-101 and TSX Venture Exchange Policy 5.9 in respect of the issuance of the common shares to the directors and officers of Bessor as the common shares of Bessor are not listed on a specified market (and the Common Shares are only listed on the TSX Venture Exchange). The Corporation relied on section 5.7(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 and TSX Venture Exchange Policy 5.9 in respect of the issuance of common shares to the directors and officers of the Corporation as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the common shares issued to the directors and officers of the Corporation exceeded 25% of Bessor’s market capitalization. A written resolution of all of the directors of Bessor dated effective April 5, 2019 approved the private placement. No special committee was established in connection with private placement, and no materially contrary view or abstention was expressed or made by any director in relation to the private placement. The material...