Business
E-Tech Resources Inc. Announces $500,000 Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - July 21, 2023) - E-Tech Resources Inc. (TSXV: REE) (FSE: ...
About this update from Reexploration Inc.
[{"type":"text","content":"E-Tech Resources Inc. Announces $500,000 Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - July 21, 2023) - E-Tech Resources Inc. (TSXV: REE) (FSE: K2I) (\"E-Tech\" or the \"Company\") is pleased to announce that it plans to raise up to $500,000 through a private placement (the \"Financing\") of up to 8,333,334 shares of E-Tech (each, a \"Share\") at $0.06 per Share. The proceeds from the private placement will be used to support the Company's ongoing exploration and operational activities.To facilitate the Financing, E-Tech has entered into an agreement with Numus Capital Corp., a registered Exempt Market Dealer, to act as agent for the Financing. E-Tech has agreed to pay to the agent a cash fee equal to 7% of proceeds raised from investors introduced by the agent, except on subscriptions received from directors, officers, and employees of E-Tech, and to issue compensation warrants entitling the agent to purchase that number of Shares as is equal to seven percent (7%) of the Shares sold to investors introduced by the agent, except on subscriptions received from directors, officers, and employees of E-Tech. Each compensation warrant will be exercisable into a Share of E-Tech at $0.06 per share for a period of 24 months from closing.Completion of the Financing is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange, and all securities issued pursuant to the Financing will be subject to a four-month and one day hold period. The engagement of Numus Capital Corp. and the Financing may constitute Related Party Transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI-61-101\"). E-Tech is relying upon an exemption for shareholder approval required under section 5.7(1)(a) of MI 61-101 on the basis that any related party elements of such transactions would not exceed 25% of market capitalization of E-Tech.About E-Tech Resources Inc. E-Tech is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka project is located approximately 250 km north-west of Namibia's capital city Windhoek and 140 km east of Namibia's main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia.The Eureka deposit ...