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Braille Energy Systems Closes $400,000 Non-Brokered Private Placement
OTTAWA, ON / ACCESSWIRE / August 1, 2024 / Braille Energy Systems Inc. (the " Company ") announc...
About this update from Braille Energy Systems, Inc.
[{"type":"text","content":"Braille Energy Systems Closes $400,000 Non-Brokered Private PlacementOTTAWA, ON / ACCESSWIRE / August 1, 2024 / Braille Energy Systems Inc. (the \"Company\") announced today that it has closed its previously announced a non-brokered private placement of 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 $400,000 (the \"Offering\").Each Unit 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\"). If at any time after the four (4) months hold period noted below, the trading price of the Braille Energy Systems' shares on the TSX Venture Exchange (\"TSX-V\") is equal to or exceeds CAD$0.35 for 10 consecutive trading days, as evidenced by the price at the close of market, the expiry date may be accelerated by the Company providing notice to the holders of the Warrants, and upon receipt of such notice, the holders shall have 30 days to exercise the Warrants.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 subject to certain conditions including the final approval of the TSX-V. The Units were sold in Ontario on a private placement basis to accredited investors and directors of the Company to the \"accredited investor\" exemption or other available and agreed upon exemptions from prospectus requirements. The Units, including all underlying securities thereof, have a hold period of four months and one day from the date of issue.Insiders of the Company subscribed for up to 2,222,222 Units for aggregate gross proceeds of $200,000. The Offering is 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.Neither the TSX Venture Exchange nor ...