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Midpoint announces closing of first tranche of private placement
Midpoint announces closing of first tranche of private placement Midpoint announce...
About this update from Blockmate Ventures Inc
[{"type":"text","content":"\n\n\n\nMidpoint announces closing of first tranche of private placement\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\nMidpoint announces closing of first tranche of private placement\nCanada NewsWire\nTORONTO, March 31, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\n\nTORONTO, March 31, 2016 /CNW/ - Midpoint Holdings Ltd. (the \"Company\") (TSXV: MPT) is pleased to announce that it has closed the first tranche of its previously announced private placement through the issuance of 4,807,600 units (\"Units\") at a price of $0.10 per Unit for total gross proceeds of $480,760 (the \"Offering\"). Each Unit is comprised of one common share (a \"Common Share\") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\").  Each Warrant entitles the holder thereof to purchase one Common Share for a period of twenty four (24) months from the closing of the Offering at a price of $0.20 per Common Share, provided that if, at any time after the date that is more than four months and one day following the closing of the Offering, the Common Shares trade on a stock exchange at a volume weighted average trading price of $0.50, or greater, per Common Share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.\n\nThe Common Shares and the Warrants comprising the Units issued in connection with the completion of the first tranche of the Offering are subject to a hold period of four months and a day. The proceeds of the Offering will be used for general working capital purposes. The Company may complete one or more additional tranches of the Offering in the upcoming weeks.\n\nThe first tranche of the Offering constituted a related party transaction within the meaning o...