Business
Genius Properties Ltd. Closes $1.5M First Tranche Financing, Announces Amendment to Mt. Cameron Option Agreement and Provides Update on Proposed Transaction
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ST-SAUVEUR, Québec, April 12, 2018 (GLOBE NEWSWIRE) -- Genius Propertie
About this update from Cerro De Pasco Resources, Inc.
[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ST-SAUVEUR, Québec, April 12, 2018 (GLOBE NEWSWIRE) -- Genius Properties Ltd. (CSE:GNI)(CSE:GNI.CN)(CNSX:GNI) (\"Genius\" or the \"Corporation\") is pleased to announce the closing of a $1,556,000 non-brokered private placement (the “Offering”) of 10,373,335 units of the Corporation (“Units”), each Unit consisting of one common share (a “Share”) and one-half of one Share purchase warrant (each whole, a “Warrant”), at a price of $0.15 per Unit. Each Warrant will entitle its holder to purchase one additional Share at a price of $0.25 for a period of 12 months from the date of closing of the Offering. The Corporation will use the net proceeds of the Offering for its working capital and as a cash contribution in connection with the proposed transaction with Cerro de Pasco Resources S.A. (“Cerro de Pasco”), as previously described in the Corporation’s news releases dated November 9, 2017, December 7, 2017 and January 23, 2018. Such cash contribution will be expended, based on the joint determination of Genius and Cerro de Pasco, on the development of the property owned by Cerro de Pasco, for metallurgical testing and to cover capital requirements related to community relations, permitting and general and administrative expenses. Any securities issued pursuant to the Offering will be subject to a hold period under applicable securities laws, which will expire four months and one day from the date of their issuance. In connection with the Offering, Genius paid finder’s fees to arm’s length third parties in the amount of $14,250. Insiders of the Corporation purchased a total of 200,000 Units. Their participation in the Offering constitutes a “related party transaction” as defined under National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“NI 61-101”). However, such participation is exempt from the valuation and minority shareholder approval requirements of NI 61-101 based on the fact that neither the fair market value of the Offering, nor the consideration paid by such persons, exceeds 25% of the Corporation’s market capitalization. The Corporation did not file a material change report at least 21 days prior to the closing of the Offering as participation of the insiders had not been established at that time...