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Tenth Avenue Petroleum Corp. Announces Closing of $3,138,750 Non-Brokered Financing
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES CALGARY,...
About this update from Decimus Oil Corp.
[{"type":"text","content":"Tenth Avenue Petroleum Corp. Announces Closing of $3,138,750 Non-Brokered FinancingNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / February 18, 2022 / Tenth Avenue Petroleum Corp. (\"TPC\" or the \"Company\") (TSXV:TPC) is pleased to announce that, further to the Company's press release dated January 17, 2022, the Company has closed its previously announced non-brokered private placement and raised gross proceeds of $3,138,750 at a price of $0.25 per unit (each a \"Unit\") from the sale of 12,555,000 Units (the \"Financing\").Pursuant to this Offering, each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant (a \"Warrant\"). Each whole Warrant issued under the Financing entitles the holder to acquire one additional Common Share at a price of $0.30 per Common Share for a period of 12 months from the date of issuance. The Warrants include an acceleration clause to the effect that if at any time the daily volume weighted average closing price of the Common Shares on the TSX Venture Exchange is $0.35 or more for a period of twenty (20) consecutive days, the Company will be entitled to notify all holders of Warrants of its intention to force the exercise of the Warrants and to issue a press release to such effect, following which the holders of Warrants shall have thirty (30) days from the date of the press release to exercise the Warrants. All of the Common Shares and Warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws.The proceeds raised under this Financing are expected to be used for the closing of the recently announced Avalon property purchase, exploration and development and for general working capital purposes.Finder's fees of $81,375 were provided to Leede Jones Gable Inc., PI Financial Corp., Echelon Wealth Partners Inc., Research Capital Corp. and Canaccord Genuity Corp. in connection with the Offering.Conditional approval for the Financing has been received from the TSX Venture Exchange.Cameron MacDonald, President and Chief Executive Officer of the Company commented \"We are very pleased to have this initial financing oversubscribed from strong support from our investor base. Tenth Avenue is now in an exc...