Business
Corcel Exploration Inc. Completes Initial Public Offering
Kelowna, British Columbia--(Newsfile Corp. - December 2, 2021) - Corcel Exploration Inc. (CSE: CRCL) (the "Company") is pleased to announce the successful compl
About this update from Corcel Exploration, Inc.
[{"type":"text","content":" Kelowna, British Columbia--(Newsfile Corp. - December 2, 2021) - Corcel Exploration Inc. (CSE: CRCL) (the \"Company\") is pleased to announce the successful completion today of its initial public offering (the \"Offering\") of 5,750,000 common shares (the \"Shares\") of the Company at a price of $0.10 per Share (the \"Offering Price\") for total gross proceeds of $575,000, including the over-allotment option granted by the Company to the Agent (as defined below) to purchase an additional 750,000 Shares at the Offering Price, that was exercised in full. The Offering was led by Research Capital Corporation (the \"Agent\") pursuant to the agency agreement dated October 13, 2021 (the \"Agency Agreement\"). In connection with the Agent's services under the Agency Agreement, the Company has granted the Agent 460,000 non-transferrable share purchase warrants (the \"Agent's Warrants\") with each Agent's Warrant exercisable into one Share at the price of $0.10 per Share until December 2, 2023. In addition, the Company paid the Agent a cash commission of $46,000, representing 8% of the gross proceeds raised in the Offering, and a corporate finance fee of $35,000 plus GST, and further reimbursed certain expenses of the Agent. The Company intends to use the proceeds from the Offering for the exploration and development of the Peak Mineral Property, located in British Columbia, Canada, on which the Company has an option to acquire up to an undivided 100% interest pursuant to an option agreement dated August 4, 2020, and for other general corporate purposes, as more particularly set out in the Company's final long form prospectus dated October 13, 2021 available on the Company's SEDAR profile at www.sedar.com. The Shares are now listed on the CSE and will begin trading on December 3, 2021 under the symbol \"CRCL.\" About Corcel Exploration Inc. The Company is a mineral resource company engaged in the acquisition and exploration of mineral resource properties. Its objective is to locate and develop precious metals, focusing initially on the exploration and development of the Peak Mineral Property (the \"Property\") located in British Columbia, Canada. The Company holds an option to acquire a 100% undivided right, title, and interest in and to the Property. From time to time the Company may also evaluate and acquire other mineral properties of...