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CanAlaska Announces Second & Final Tranche Closing of Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2020) - CanAlaska Uranium Ltd. (TS...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Announces Second & Final Tranche Closing of Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - November 9, 2020) - CanAlaska Uranium Ltd. (TSXV: CVV) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") announces that it has now completed the second and final tranche (the \"Second Tranche\") of its non-brokered private placement (the \"Offering\") previously announced on October 19, 2020. Under the Second Tranche, the Company has issued 762,409 flow-through units for gross proceeds of $167,730. In connection with the Second Tranche, the Company paid a total of $8,704.20 and issued a total of 39,564 warrants as finder's fees. Each finder's warrant is exercisable for one common share at a price of $0.28 for two years. All securities issued under the Second Tranche are subject to a hold period expiring March 10, 2021 in accordance with applicable securities laws and the policies of the TSX Venture Exchange.Together with the first tranche closing announced November 3, 2020, the Company has now raised a total of $1,200,000 ($757,800 from the sale of flow-through units and $442,200 from the sale of non-flow-through units).Certain directors and officers of the Company (the \"Insiders\") participated in the Second Tranche and purchased an aggregate of 103,000 flow-through units for aggregate gross proceeds of $22,660 (Peter Dasler, the Company's President, CEO and a director, purchased 57,500 flow-through units for $12,650 and Cory Belyk, the Company's COO, purchased 45,500 flow-through units for $10,010). Participation by Insiders in the private placement is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders' participation in the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders did not exceed 25% of the fair market value of the Company's market capitalization The Company did not file a material change report at least 21 days prior to the Second Tranche closing of the Offering as participation of the Insiders had not been confirmed at that time.This news re...