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Nubian Closes $4.2 Million Investment By Eric Sprott
Nubian Closes $4.2 Million Investment By Eric Sprott Canada NewsWire TORONTO, Au...
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[{"type":"text","content":"\n\n\n\nNubian Closes $4.2 Million Investment By Eric Sprott\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 20, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Aug. 20, 2020 /CNW/ - Nubian Resources Ltd. (\"Nubian\" or the \"Company\") (TSX VENTURE: NBR) is pleased to announce that the $4.2 million non-brokered private placement offering of units priced at $0.42 per unit (the \"Offering\") announced by the Company on August 7, 2020 has closed.   Eric Sprott subscribed for the entirety of the Offering.\nThe Offering comprised an aggregate of 10 million units, each Unit consisting of one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a \"Warrant\").  Each Warrant will be exercisable to purchase a common share of the Company (a \"Warrant Share\") at an exercise price of $0.55 per Warrant Share for a period of 24 months following the closing of the Offering.  The Units and the underlying securities to be issued under the Offering will have a hold period of four months and one day from Closing. \nThe Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.  \nEric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 10,000,000 Units pursuant to the Offering. After closing of the Offering, Mr. Sprott now beneficially owns or controls 10,000,000 Common Shares and 5,000,000 representing approximately 18.8% on a non-diluted basis and 25.8% on a partially diluted basis assuming exercise of all pre-existing warrants.  Prior to the Offering, Mr. Sprott did not own or control any securities of the Company. Mr. Sprott has provided an undertaking not to exercise his warrants until such time as the Company can obtain shareholder approval (from disinterested shareholders) and TSX Venture Exchange ...