Business
Everton Resources and Molecule Announce the Closing of Concurrent Private Placements
(via TheNewswire) All financial figures in Canadian Dollars ($) unless otherwise noted...
About this update from Evolve Royalties Ltd.
[{"type":"text","content":"Everton Resources and Molecule Announce the Closing of Concurrent Private Placements(via TheNewswire)\n \n \nAll financial figures in Canadian Dollars ($) unless otherwise noted.\n\n\n \nAugust 6, 2020 - TheNewswire - Ottawa, Ontario - Everton Resources Inc. (TSXV:EVR) (OTC:EVRRF) (\"Everton\" or the \"Company\") and Molecule Inc. (\"Molecule\") are pleased to announce the closing of the previously announced private placement offering (the \"Brokered Offering\") of subscription receipts of Molecule (\"Subscription Receipts\") led by Gravitas Securities Inc. (the \"Agent\"), for aggregate gross proceeds of $940,000, and a concurrent non-brokered private placement (the \"Non-Brokered Offering\") of Subscription Receipts for aggregate gross proceeds of $85,000, together resulting in aggregate gross proceeds of $1,025,000. The Brokered Offering was conducted in accordance with the terms of an agency agreement dated July 29, 2020, entered into among Everton, Molecule and the Agent (the \"Agency Agreement\").\n\n \n \nThe Brokered Offering and the Non-Brokered Offering (collectively the \"Offerings\") took place in anticipation of the plan of arrangement between Molecule and Everton (the \"Arrangement\"), which was approved by the Ontario Superior Court of Justice on May 13, 2020. Immediately prior to the completion of the Arrangement, Everton intends to: (i) de-list its common shares from the TSX Venture Exchange; and (ii) file articles of amendment to give effect to its previously-approved ten (10) for one (1) share consolidation and change of name to \"Molecule Holdings Inc.\" (the \"Resulting Issuer\"). Following the closing of the Arrangement, Molecule will become a wholly-owned subsidiary of the Resulting Issuer and the business of the Resulting Issuer will be that of Molecule, being the production and co-packing of cannabis-infused beverages.\n\n \n \nThe Offerings\n\n \n \nThe Offerings consisted of the issuance of an aggregate 1,025 Subscription Receipts at price of $1,000 per Subscription Receipt. Each Subscription Receipt shall be deemed to be automatically exchanged without any additional consideration or further action on the part of the holders thereof, upon the satisfaction of the escrow release conditions (the \"Escrow Release Conditions\"), into one convertible debenture (each a \"Convertible Debenture\") of the Resul...