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Braille Energy Systems Announces Non-Brokered Private Placement
OTTAWA, ON / ACCESSWIRE / August 1, 2024 / Braille Energy Systems Inc. (the " Company ") (TSX.V:...
About this update from Braille Energy Systems, Inc.
[{"type":"text","content":"Braille Energy Systems Announces Non-Brokered Private PlacementOTTAWA, ON / ACCESSWIRE / August 1, 2024 / Braille Energy Systems Inc. (the \"Company\") (TSX.V:BES) announced today that it has arranged a non-brokered private placement of up to 4,444,444 units (the \"Units\") of the Company at a price of $0.09 per Unit (the \"Offering Price\") for aggregate gross proceeds to the Company of up to $400,000 (the \"Offering\"). Each Unit will consist of one common share (a \"Common Share\") in the capital of the Company and one non-transferable common share purchase warrant (each whole warrant, a \"Warrant\") of the Company. Each whole Warrant will entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.10 for a period of 24 months from the closing of the Offering (the \"Closing Date\").No commissions or fees are payable in connection with this financing. The net proceeds of this financing will be used to maintain the Company's existing operations and general working capital requirements.The Offering is expected to close on or about August 2, 2024 (the \"Closing Date\"), and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange, as well as the satisfaction of other customary closing conditions. The Units will be sold in Ontario on a private placement basis to accredited investors and employees, executive officers, directors and consultants pursuant to the \"accredited investor\" exemption or other available and agreed upon exemptions from prospectus requirements. The Units, including all underlying securities thereof, will have a hold period of four months and one day from the date of issue.It is anticipated that insiders of the Company will participate in the Offering and subscribe for up to 2,222,222 Units for aggregate gross proceeds of $200,000. The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction i...