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EverGen Infrastructure Corp. Announces Closing of First Tranche of Private Placement and Change of Management
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any fai...
About this update from Evergen Infrastructure Corp.
[{"type":"text","content":"EverGen Infrastructure Corp. Announces Closing of First Tranche of Private Placement and Change of Management\n\n\n\n\n\n Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.\n \n\n\n\n VANCOUVER, British Columbia, May 22, 2025 (GLOBE NEWSWIRE) -- EverGen Infrastructure Corp. (“\n \n EverGen\n \n ” or the “\n \n Company\n \n ”) (TSXV: EVGN) is pleased to announce that, further to its press release dated April 23, 2025, the Company has closed certain transactions contemplated under the share purchase and reorganization agreement (the “\n \n Agreement\n \n ”) dated April 22, 2025 with Ask America, LLC (the “\n \n Purchaser\n \n ”). Pursuant to the terms of the Agreement, the Purchaser acquired common shares of the Company (“\n \n Common Shares\n \n ”) for total gross proceeds of CAD$5,000,000 (the “\n \n Private Placement\n \n ”) and the Company concurrently completed a “Change of Management”, as defined below.\n \n\n\n Private Placement\n \n\n\n Pursuant to the terms of the Agreement, the Company closed the first tranche of the Private Placement and issued an aggregate of 8,333,333 Common Shares at a price of $0.60 per Common Share to the Purchaser for gross aggregate proceeds of CAD$5,000,000. It is anticipated that one or more subsequent tranches of the Private Placement will be closed in due course, for aggregate proceeds to the Company of up to CAD$7,000,000.\n \n\n The Common Shares issued pursuant to the Private Placement are subject to a four month hold period pursuant to applicable securities laws. No finder’s fees or commissions were paid by the Company in connection with the aforementioned closing. The Company expects to use the proceeds of the Private Placement for working capital and general corporate purposes.\n \n\n The closing of the Private Placement resulted in the Purchaser becoming a new “Control Person” of the Company (as defined in the policies of the TSX Venture Exchange (the “\n \n TSXV\n \n ”)) and was approved by a majority of shareholders of the Company by way of written consent, in accordance with TSXV policies.\n \n\n Immediately prior to cl...