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Braille Energy Systems Closes First Tranche Non-Brokered Private Placement and Announces Approval of Amended Equity Incentive Plan
OTTAWA, ON / ACCESSWIRE / October 16, 2024 / Braille Energy Systems Inc. (TSX.V:BES; the " Compa...
About this update from Braille Energy Systems, Inc.
[{"type":"text","content":"Braille Energy Systems Closes First Tranche Non-Brokered Private Placement and Announces Approval of Amended Equity Incentive PlanOTTAWA, ON / ACCESSWIRE / October 16, 2024 / Braille Energy Systems Inc. (TSX.V:BES; the \"Company\") is pleased to announce a private placement financing of 3,333,333 units (\"Units\") at a price of $0.09 per Unit for aggregate gross proceeds of $300,000 (the \"Offering\") and the closing of the first tranche of the Offering of 1,111,111 Units for aggregate gross proceeds of $100,000 (the \"First Tranche Closing\").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 $0.15 for a period of 24 months from each closing of the Offering (a \"Closing Date\"). If at any time after the four (4) months hold period noted below, the trading price of the Company's 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 (the \"Warrant Accelerator\").The Company paid a finder's fee of $5,000 cash and issued 55,556 warrants (\"Broker Warrants\") on the First Tranche Closing. Each Broker Warrant will entitle the finder to acquire one Common Share at an exercise price per Common Share of $0.15 for a period of 24 months from the date of issuance. The Broker Warrants are subject to the Warrant Accelerator. The Company may pay a finders' fee of up to 5% cash and Broker Warrants on the balance of the Offering.The balance of the Offering may close in one or more additional tranches. The Offering is subject to certain conditions including the final approval of the TSX-V. The Units will be sold on a private placement basis relying on 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.The net p...