Business
Scout Minerals Updates Concurrent Private Placement And Announces Marketing Campaign
VANCOUVER, BC, April 18, 2023 /CNW/ - Scout Minerals Corp. (CSE: SCTM) ("Scout" or the "Company") is pleased to announce that it has updated the terms of the co
About this update from Eureka Metals Corp.
[{"type":"text","content":" VANCOUVER, BC, April 18, 2023 /CNW/ - Scout Minerals Corp. (CSE: SCTM) (\"Scout\" or the \"Company\") is pleased to announce that it has updated the terms of the concurrent private placement previously announced on April 13, 2023. The Company intends to complete a non-brokered private placement financing (the \"Concurrent Financing\") in connection with the acquisition of 3,819 active claims and 21 pending claims covering approximately 172,681 hectares in Northern Quebec (the \"Acquisition\"), in one or more tranches, of: (i) up to 2,307,692 Quebec super flow-through subscription receipts of the Company (the \"Super FT Subscription Receipts\"), at a price of $0.65 per Super FT Subscription Receipt for gross proceeds of approximately $1,500,000; (ii) up to 2,500,000 flow-through subscription receipts of the Company (the \"FT Subscription Receipts\"), at a price of $0.60 per FT Subscription Receipt for gross proceeds of approximately $1,500,000; (iii) up to 10,000,000 non-flow-through subscription receipts of the Company (the \"Non-FT Subscription Receipts\"), at a price of $0.50 per Non-FT Subscription Receipt for gross proceeds of $5,000,000 (collectively, the \"Offering\"). Proceeds of the Concurrent Financing will be held in escrow, pending the completion the Acquisition (the \"Condition Precedent\"). Upon satisfaction of the Condition Precedent, each: (i) Super FT Subscription Receipt will be automatically converted into one unit of the Company comprising one common share in the capital of the Company that qualifies as a \"flow-through share\" as defined in the Income Tax Act (Canada) and one-half of one flow-through common share purchase warrant that qualifies as a \"flow-through share\" as defined in the Income Tax Act (Canada) (each whole flow-through common share purchase warrant, a \"Super FT Warrant\"), with each Super FT Warrant entitling the holder to purchase one common share in the capital of the Company (a \"Super FT Warrant Share\") at a price of $0.85 per Super FT Warrant Share for a period of two years after the date of issuance; (ii) FT Subscription Receipt will be automatically converted into one unit of the Company comprising one common share in the capital of the Company that qualifies as a \"flow-through share\" as defined in the Income Tax Act (Canada) and one-half of one f...