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DLP Resources Announces Closing of Second and Final Tranche of Over-Subscribed Private Placement of Units
Cranbrook, British Columbia--(Newsfile Corp. - November 1, 2023) - DLP Resources Inc. (TSXV: DLP...
About this update from Dlp Resources, Inc.
[{"type":"text","content":"DLP Resources Announces Closing of Second and Final Tranche of Over-Subscribed Private Placement of UnitsCranbrook, British Columbia--(Newsfile Corp. - November 1, 2023) - DLP Resources Inc. (TSXV: DLP) (the \"Company\") is pleased to announce that, further to the Company's news releases dated August 22, 2023, and September 28, 2023, the Company has closed the second and final tranche (the \"Second Tranche\") of its previously announced non-brokered private placement (the \"Private Placement\"). Under the Second Tranche, the Company issued 2,622,000 units (each, a \"Unit\") at a price of $0.50 per Unit for gross proceeds of $1,311,000. In aggregate under the Private Placement, the Company issued 6,622,250 Units at a price of $0.50 per Unit for gross proceeds of $3,311,125, exceeding the Company's initial announcement by $311,125. The Company received an extension from the TSX Venture Exchange to closing of the Private Placement until November 3, 2023.Each Unit consists of one common share in the capital of the Company (a \"Share\") and one common share purchase warrant of the Company (a \"Warrant\"). Each Warrant entitles the holder to purchase one Share of the Company (a \"Warrant Share\") for a period of twenty-four (24) months from the date of issue at an exercise price of $0.80 per Warrant Share, subject to an acceleration clause in the event the trading price of the Shares equals or exceeds $1.10 for a period of 20 consecutive days.In connection with the Private Placement, the Company paid certain finders, including Haywood Securities Inc., Canaccord Genuity Corp., Vanhart Capital Corp. and Wendy Thompson, the following finders' fees: (i) a cash commission in the aggregate amount of $44,389, being up to 7.0% of the gross proceeds raised under the Private Placement from investors introduced to the Company by such finders; and (ii) 88,778 non-transferable common share purchase warrants of the Company (\"Finder Warrants\"), being equal to 7.0% of the Units sold under the Private Placement from investors introduced to the Company by such finders. Each Finder's Warrant entitles the holder thereof to purchase one Share of the Company at a price of $0.50 per Share for a period of two (2) years from the date of issuance.The securities offered in the Second Tranche are subject to a four month and a day transfer restriction from the ...