Business
Falco Completes $3.3M Flow-Through Financing
MONTREAL, QC--(Marketwired - December 30, 2015) - Not for distribution to U.S. newswire services or dissemination in the United States. Any failure to comply wi
About this update from Falco Resources Ltd.
[{"type":"text","content":" MONTREAL, QC--(Marketwired - December 30, 2015) - Not for distribution to U.S. newswire services or dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. Falco Resources Ltd. (\"Falco\" or the \"Company\") (TSX VENTURE: FPC) is pleased to announce that it has closed a non-brokered private placement of flow-through shares (\"FT Shares\") at an issue price of $0.32 per FT Share, to raise aggregate gross proceeds of $3,281,040 (the \"Offering\"). Osisko Gold Royalties Ltd (\"Osisko\"), an insider of the Company also participated in the Offering (the \"Insider's Participation\"). The net proceeds raised from the sale of flow-through shares will be used by Falco to finance qualified Canadian exploration expenditures on its Canadian resource properties. Pursuant to the Offering, the Company entered into a finder's fee agreement with certain arm's length parties (the \"Finders\"), pursuant to which the Finders were paid a finder's fee equal to 4% with respect to certain subscriptions in connection with the Offering. Securities issued under the Offering will be subject to a four month hold period expiring on April 30, 2016. The Insider's Participation is exempt from the formal valuation and shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Holders in Special Transactions (\"Regulation 61-101\") in accordance with sections 5.5(a) and 5.7(a) of said Regulation 61-101. The exemption is based on the fact that the market value of the Insider's Participation or the consideration paid by such insider does not exceed 25% of the market value of the Company. The Company did not file a material change report at least 21 days prior to the completion of the private placement since the Insider's Participation was not determined at that moment. The Offering was completed on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. As a result of the private placement, 109,983,907 common shares of Falco are issued and outstanding. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered...