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Erin Ventures Announces Proposed Private Placement and to Issue Units in Satisfaction of Certain Outstanding Convertible Debentures
VICTORIA, BC / ACCESSWIRE / February 24, 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 to Issue Units in Satisfaction of Certain Outstanding Convertible DebenturesVICTORIA, BC / ACCESSWIRE / February 24, 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 10,000,000 units of the Company (\"Units\") at a price of $0.05 per Unit for gross proceeds of up to $500,000.00 (the \"Offering\"). Additionally, Erin announces the proposed issuance of Units to certain holders (the \"Debenture Holders\") of the outstanding amended and restated 12% interest-bearing convertible debentures issued on April 10, 2015, July 14, 2015, and November 3, 2015 (collectively, the \"Debentures\") in full and final satisfaction of the Company's obligations under the Debentures, pursuant to the terms of debt settlement agreements between the Company and each Debenture Holder (the \"Shares for Debt Settlement\").Private PlacementEach Unit will be comprised of one (1) common share in the capital of the Company (a \"Share\") and one (1) common share purchase warrant (each, a \"Warrant\"). Each Warrant will have a three (3) year term (the \"Exercise Period\") and will be exercisable into one (1) Share at a price of $0.075 in the first year and $0.10 thereafter per Share over the Exercise Period.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 February 21, 20...