Business
CoTec Holdings Corp. Announces Second Closing of Subscription Receipt Financing and TSXV Conditional Approval for Change of Business
For Change of Business VANCOUVER, BC / ACCESSWIRE / April 5, 2022 / CoTec Holdings Corp...
About this update from Cotec Holdings Corp
[{"type":"text","content":"CoTec Holdings Corp. Announces Second Closing of Subscription Receipt Financing and TSXV Conditional Approval for Change of BusinessFor Change of BusinessVANCOUVER, BC / ACCESSWIRE / April 5, 2022 / CoTec Holdings Corp. (TSX-V:CTH.H) (the \"Corporation\") is pleased to announced that it has completed the second and final closing of its previously announced brokered and non-brokered private placement of subscription receipts (the \"Private Placement\"). The Private Placement is being undertaken in connection with the Corporation's previously announced proposed change of business from mineral exploration to an investment issuer (the \"Proposed COB\") under the rules of the TSX Venture Exchange (\"TSXV\").The Corporation is also pleased to announce that it has received conditional approval for the Proposed COB from the TSXV.Second Closing of Private PlacementPursuant to the second closing, the Corporation issued a total of 4,744,195 subscription receipts (\"Subscription Receipts\") at a price of $0.55 per Subscription Receipts for gross proceeds of $2,609,282.14. When combined with the subscription receipts issued pursuant to the first closing that was completed on February 10, 2022, the Corporation issued an aggregate of 11,390,593 subscription receipts pursuant to the Private Placement for gross proceeds of $6,265,759.14.As previously announced, in connection with the non-brokered portion of the Private Placement, the Corporation will pay a cash finder's fee to certain brokers whose clients participate in the Private Placement in an amount equal to 5% of the aggregate proceeds raised in the Private Placement from such subscribers. 50% of this fee is payable at the closing of the Private Placement and 50% will be payable upon the exchange of the Subscription Receipts for common shares and warrants of the Corporation in accordance with the terms of the Subscription Receipts. In addition, upon the exchange of the Subscription Receipts, the Corporation will issue to brokers whose clients participate in the Private Placement compensation warrants equivalent to 5% of the number of Subscription Receipts issued to such subscribers. Each compensation warrant will be exercisable for one common share of the Corporation at an exercise price of $0.55 per share for a period of 36 months from the issuance thereof. Pursuant to the foregoing, at ...