Business
Core Assets Closes Oversubscribed Private Placement of $1,597,860 Led By Crescat Capital
VANCOUVER, BC / ACCESSWIRE / January 21, 2022 / Core Assets Corp., ("Core Assets" or the "Company") (CSE:CC) (FRA:5RJ) (WKN:A2QCCU) (ISIN:CA 21871U 10 5) (OTCQB
About this update from Core Silver Corp.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / January 21, 2022 / Core Assets Corp., (\"Core Assets\" or the \"Company\") (CSE:CC) (FRA:5RJ) (WKN:A2QCCU) (ISIN:CA 21871U 10 5) (OTCQB:CCOOF) is pleased to announce that it has completed its previously announced non-brokered private placement (the \"Offering\"), as described in its News Release of December 29, 2021, pursuant to which it issued an aggregate of 6,657,752 units (each, a \"Unit\") at a price of $0.24 per Unit for gross proceeds of $1,597,860.48. Each Unit is comprised of one common share (each, a \"Share\") in the capital of the Company and one transferable Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Share (each, a \"Warrant Share\") for a period of two years from the closing date (the \"Closing Date\") at an exercise price of $0.39 per Warrant Share. In connection with the Offering, Crescat Portfolio Management LLC (\"Crescat\") and certain accounts managed by Crescat Portfolio Management LLC collectively made an strategic investment in the Company of approximately $1,275,000 (the \"Crescat Investment\"). Contemporaneous to and as consideration for the Crescat Investment, the Company granted Crescat a right to participate in future financings of the Company (the \"Participation Right\") so as to allow Crescat to maintain its current equity stake. The Participation Right terminates on the earlier of: (i) the date that is 5 years from the date of grant of the Participation Right, and (ii) the date on which Crescat's ownership of Shares falls below 5% of the then outstanding Shares on a non-diluted basis. All securities issued in connection with the Offering are subject to a four month hold as required under applicable securities laws as well as an 18 month voluntary hold from the Closing Date split up into 3 releases of one third (1/3) of the securities issued in connection with the Offering every six months from the Closing Date. The proceeds of the Offering are anticipated to be used for further exploration programs at the Company's Blue Property and for general working capital purposes. Insiders of the Company may participate in the Offering. Cash finder's fees of $4,100.64 were paid to eligible finders in connection with the Offering. Andrew Carne and Sean Charland, directors of the Company, and Jody Bellefleur th...