Business
Bold Ventures Extends Financing and Settles Insider Debt
Toronto, Ontario--(Newsfile Corp. - May 7, 2019) - Bold Ventures Inc. (TSXV: BOL) (the "Compan...
About this update from Bold Ventures Inc.
[{"type":"text","content":"Bold Ventures Extends Financing and Settles Insider DebtToronto, Ontario--(Newsfile Corp. - May 7, 2019) - Bold Ventures Inc. (TSXV: BOL) (the \"Company\" or \"Bold\") wishes to announce that the private placement Offering of up to 20,000,000 working capital units (the \"WC Units\") of the Company at a price of $0.025 per WC Unit for up to $500,000 (the \"WC Offering\") originally announced on February 19, 2019 (the \"Financing Press Release\") will be extended until June 3, 2019. The WC Offering will be available to the existing shareholders of the Company resident in Canada (the \"Existing Shareholder Offering\") (collectively with the WC Offering, the \"Offering\") and to accredited investors. Particulars of the OfferingEach WC Unit comprises one (1) common share of the Company priced at $0.025 and one (1) common share purchase warrant (each a \"WC Warrant\"), with each WC Warrant entitling the holder to acquire one (1) common share at a price of $0.05 until two (2) years following the Closing of the Offering. The Company has agreed to pay a finder's fee of 7% cash on the sale of WC Units sold to accredited investors and issue broker warrants (\"Broker Warrants\") equal to 7% of the number of WC Units sold to accredited investors under the Offering to eligible finders. Each Broker Warrant comprises a broker unit (\"Broker Unit\") entitling the holder to acquire one (1) common share and one (1) WC Warrant for two (2) years from Closing at a price of $0.05 per Broker Unit. A fee may be paid to an investment dealer in relation to a placement to an existing shareholder.WaiverThe Offering is proceeding pursuant to a waiver from the minimum $0.05 price for private placements granted by the TSX Venture Exchange (\"TSXV\") as set out in the Financing Press Release. Minimum OfferingThe Company plans to have a first closing of the Offering when it has received subscriptions for $200,000 of WC Units (the \"First Closing\"). Proceeds from the First Closing will provide sufficient funds for the Company to meet the Continued Listing Requirements of the TSXV. The $200,000 in gross proceeds from the sale of the minimum number of WC Units will be allocated as follows: (a) Payment of current Accounts Payable -$3,000 (net of existing cash and cash equivalent assets and net of the insider debt settlement and the forgiveness of debt referred to b...