Business
Camino Announces Closing of First Tranche of Non-Brokered Private Placement
Not for Distribution to U.S. Newswire Services for Dissemination in the United States VANCOU...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Announces Closing of First Tranche of Non-Brokered Private PlacementNot for Distribution to U.S. Newswire Services for Dissemination in the United States VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF) (\"Camino\" or the \"Company\") is pleased to announce the closing of the first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Financing\") of common shares in the capital of the Company (the \"Common Shares\") previously announced on January 10, 2025.Under the First Tranche, the Company issued an aggregate of 7,741,665 Common Shares at an issue price of $0.21 per Common Share, for aggregate gross proceeds of approximately $1,625,750. The Common Shares were distributed by way of private placement pursuant to exemptions from the prospectus and registration requirements under applicable securities laws, and accordingly, are subject to a hold period of four month and one day from the closing date (expiring on May 29, 2025), in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the \"TSXV\"). The gross proceeds from the Financing will be applied towards corporate working capital, legal expenses, engineering studies, and general administrative expenses. Completion of the Financing remains subject to the final approval of the TSXV.In connection with the Financing, the Company paid a finders' fee of $1,050 to an arm's length registered finder.TSXV Policy 5.9 and MI 61-101Insiders of the Company acquired an aggregate of 3,690,475 Common Shares in the First Tranche (approximately $775,000), which participation constitutes a \"related party transaction\" within the meaning of Multilateral Instrument - 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSXV (\"Policy 5.9\") (which incorporates the requirements of MI 61-101). However, such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the Common Shares acquired by the insiders of the Company, nor the consideration for the Common Shares paid by such insiders, exceed 25% of...