Business
Erin Ventures Announces Proposed Private Placement and Completes Previous Private Placement
VICTORIA, BC / ACCESSWIRE / November 12, 2020 / Erin Ventures Inc. (" Erin " or the " Compan...
About this update from Boron One Holdings Inc
[{"type":"text","content":"Erin Ventures Announces Proposed Private Placement and Completes Previous Private PlacementVICTORIA, BC / ACCESSWIRE / November 12, 2020 / Erin Ventures Inc. (\"Erin\" or the \"Company\") (TSXV:EV) announces that, subject to the approval of the TSX Venture Exchange (the \"TSXV\"), it intends to complete a private placement offering of up to 5,714,285 units of the Company (\"Units\") at a price of $0.035 per Unit for gross proceeds of up to $200,000.00 (the \"Offering\").Each Unit in this Offering will be comprised of one common share in the capital of the Company (a \"Share\") and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will have a two-year term (the \"Exercise Period\") and will be exercisable into one common share at a price of $0.05.The Company intends to use 55% of the net proceeds from the Offering, whether fully subscribed or not, to fund further development of its wholly owned Piskanja boron project in Serbia and 45% of the net proceeds from the Offering for general working capital purposes (consisting of payroll 28%, suppliers 11% and contractors 61%).The Offering will be on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSXV. Depending on demand and regulatory requirements, a portion of the Offering may be made to existing security holders of Company (\"Shareholders\") in accordance with the provisions of the existing shareholder exemption (the \"Existing Shareholder Exemption\") pursuant to BC Instrument 45-534 (the Existing Shareholder Exemption is not available in Ontario or Newfoundland and Labrador). In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, Units will be offered to accredited investors, close personal friends and business associates of directors and officers of the Company, and certain investors who have been advised on the suitability of their investment by registered investment dealers (the \"Registered Advisor Exemption\").The Company has set November 11, 2020 as the record date for the purpose of determining shareholders entitled to purchase Units relying on the Existing Shareholder Exemption. The aggregate acquisition cost to a subscriber relying on the Existing Shareholder Exemption cannot exceed $15,000 in a 12-month period unless the subscriber has ...