Business
Element 29 Resources Files Final Prospectus and Announces Pricing of Initial Public Offering
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Element 29 Resources Inc. ("E29" or the "Company") today announced that it has obtained a re
About this update from Element 29 Resources, Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Element 29 Resources Inc. (\"E29\" or the \"Company\") today announced that it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in the provinces of British Columbia, Alberta and Ontario, in connection with the initial public offering (the \"Offering\") of a minimum of 10,000,000 units of the company (the \"Units\") and a maximum of 20,000,000 Units at a price of $0.50 per Unit for minimum gross proceeds of $5,000,000 and maximum gross proceeds of $10,000,000 to the Company. A copy of the final prospectus in respect of the Offering is available on SEDAR at www.sedar.com. Each Unit comprises one common share in the capital of the Company (each a \"Common Share\") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a \"Warrant\"). Each Warrant is exercisable into one common share of the Company (each, a \"Warrant Share\") at an exercise price of $0.70 per Warrant Share at any time prior to 5:00 p.m. (Vancouver time) on the date that is 36 months following the closing of the Offering, subject to adjustment in certain events. Haywood Securities Inc., BMO Capital Markets Corp. and Canaccord Genuity Corp. are acting as agents (together, the \"Agents\") for the Offering. E29 has granted the Agents an over-allotment option (the \"Over-Allotment Option\"), exercisable in whole or in part, at the sole discretion of the Agents, at any time up to 30 days following the closing of the Offering, to purchase up to an additional number of Units equal to 15% of the Units sold pursuant to the Offering (the \"Agents' Option Units\") at a price of $0.50 per Agents' Option Unit to cover the Agents' over-allocation position, if any, and for market stabilization purposes. The closing of the Offering is expected to occur on or about December 3, 2020 (the \"Closing Date\") and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. E29 has received conditional listing approval of the TSX Venture Exchange (the \"TSXV\") for the listing of its Common Shares. Listing remains subject to E29 fulfilling customary TSXV requirements. The Common Shares are expected to commence trading on the TSXV under the symbol \"ECU\" on the Closing Date. No se...