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Enerev5 Metals Announces New Private Placement and Shares for Debt
(TheNewswire) TORONTO, ONTARIO – TheNewswire – September 26, 2024 &#x...
About this update from Enerev5 Metals Inc.
[{"type":"text","content":"Enerev5 Metals Announces New Private Placement and Shares for Debt\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n TORONTO, ONTARIO –\n \n\n TheNewswire – September 26,\n \n\n 2024 –\n \n\n Enerev5\nMetals Inc. (“Enerev5” or the \"Company\") (TSXV:ENEV /\nOTCQB:ENEVF)\n \n\n announces\n \n\n that it plans to raise $150,000 for working capital and\nadministrative expenses the details of which are below.\n \n\n\n\n The Company plans to issue up to 15,000,000 units\n(“\n \n\n Units\n \n\n ”) at a price of $0.01 per unit ($150,000).\n \n\n\n\n Each Unit consists of one\ncommon share of the Company and\n \n\n\n\n one common share purchase warrant\n(a “\n \n\n Warrant\n \n\n ”). Each Warrant will entitle the holder to acquire one\nadditional common share of the Company at a price of $0.05 for a\nperiod of five years from the date of issue\n \n\n .\n \n\n\n\n The Company intends to use the net proceeds of the\noffering for general and administrative expenses and for working\ncapital. Assuming aggregate gross proceeds are raised, approximately\n20% will be used for Non-Arm’s length salaries, 80% for its annual\naudit and corporate expenses.\n \n\n\n\n Insiders of the Company may participate in issuance of\nsuch common shares which may constitute a “related party\ntransaction” under Multilateral Instrument 61-101 – Protection of\nMinority Security Holders in Special Transactions (“MI 61-101”).\nThe Company is relying on the exemption from the formal valuation\nrequirement in section 5.5(b) of MI 61-101 (as a result of its common\nshares being listed on the TSXV) and the exemption from the minority\napproval requirement in section 5.7(1)(a) of MI 61-101 (as neither the\nfair market value of the common shares distributed to, nor the\nconsideration paid by, such directors and officers or insiders will\nexceed 25% of the Company’s market capitalization).\n \n\n\n\n The Comapny also wishes to announce the settlement of\nup to $366,402 of debt with the issuance of 36,640,200 common shares\npriced at $0.01 per share. Management and directors will be\nparticipating in the debt settlement for a total of $189,750.\n \n\n\n\n Four insiders of the Company, Errol Farr (CFO), Michael\nCachia (Independent Director), Samuel Peralta (for...