Business
Genius Properties Ltd. Closes Final Tranche of Non-Brokered Financing for Aggregate Gross Proceeds of Over $2.3 million and Provides Update on Proposed Transaction
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ST-SAUVEUR, Québec, May 03, 2018 (GLOBE NEWSWIRE) -- Genius Properties
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, May 03, 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 second tranche of a non-brokered private placement (the “Offering”) of units of the Corporation (the \"Units\") at the price of $0.15 per Unit. Each Unit consists of one common share (a “Share”) and one-half of one Share purchase warrant (each whole, a “Warrant”). Each Warrant entitles its holder to purchase one additional Share at a price of $0.25 for a period of 12 months from its issuance. A total of 5,201,667 additional Units were sold and issued under the second tranche of the Offering (the “Second Tranche”), for additional gross proceeds of $780,250. In total, 15,575,000 Units were sold under the Offering, for aggregate gross proceeds of $2,336,250. In connection with the Second Tranche, Genius paid finder’s fees to arm’s length third parties in the amount of $20,562.50. All securities issued pursuant to the Offering are subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of their issuance. Insiders of the Corporation purchased a total of 400,000 Units under the Offering. 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. 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 (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 ...