Business
Denarius Metals Announces Closing of C$8.3 Million Rights Offering
TORONTO, March 02, 2023 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or the “Company”) (TSXV: DSLV; OTCQB: DNRSF) is pleased to announce the com
About this update from Denarius Metals Corp.
[{"type":"text","content":" TORONTO, March 02, 2023 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or the “Company”) (TSXV: DSLV; OTCQB: DNRSF) is pleased to announce the completion of its rights offering (the “Rights Offering”), which expired at 4:30pm (Eastern Standard Time) on February 24, 2023. The Rights Offering resulted in the issuance of 20,762,188 units of the Company (“Units”) for total gross proceeds of approximately CA$8,304,875. Each Unit consists of one common share (a “Common Share”) and one transferrable common share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one common share at a price of CA$0.60 per share until March 2, 2026. Pursuant to the Rights Offering, the Company issued 6,551,935 Units under the basic subscription privilege and 1,575,328 Units under the additional subscription privilege. A total of 881,768 Units under the basic subscription privilege were issued to insiders of the Company who also agreed to act as standby guarantors, including Mr. Serafino Iacono (Executive Chairman and Chief Executive Officer), Mr. Michael Davies (Chief Financial Officer), Mr. Federico Restrepo-Solano (Director) and Mr. Hernan Juan Jose Martinez Torres (Director) (collectively, the “Insiders”). A total of 12,634,925 Units were issued to standby guarantors, including a total of 7,890,870 Units to the Insiders. As consideration for their standby commitments, the Company issued 3,158,728 non-transferable bonus warrants, including a total of 1,972,716 bonus warrants to the Insiders, exercisable at a price of CA$0.60 per share until March 2, 2026. No bonus warrants were issued in connection with the exercise of any basic subscription privilege or additional subscription privilege to standby guarantors in accordance with the TSX Venture Exchange's policy. In connection with the Rights Offering, the Company issued to Mr. Serafino Iacono (Executive Chairman and Chief Executive Officer) and companies to which he provides investment advice or in which he has a beneficial interest, a total of 6,045,399 Units and 1,431,596 bonus warrants, of which 319,014 Units resulted from the exercise of Mr. Iacono’s basic subscription privilege and 5,726,385 Units were issued as a result of Mr. Iacono’s standby guarantee for an aggregate subscription price of CA$2,418,160. As a result of the Rights Offering, Mr. Iacono benefi...