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Norseman Silver Inc. Closes $1.75 Million Non-Brokered Private Placement
(TheNewswire) Vancouver, British Columbia - TheNewswire – January 14, 2021 &...
About this update from Fitzroy Minerals Inc
[{"type":"text","content":"Norseman Silver Inc. Closes $1.75 Million Non-Brokered Private Placement\n \n \n (TheNewswire)\n \n \n Vancouver, British Columbia -\n \n TheNewswire\n \n –\nJanuary 14, 2021 – Norseman Silver Inc. (TSXV:NOC) (“\n \n Norseman\n \n ” or the “\n \n Company\n \n ”) is pleased to announce\nthat it has completed its previously announced non-brokered private\nplacement financing (the “\n \n Offering\n \n ”) for gross proceeds of $1,750,000 composed of the\nsale of 7,000,000 units (“\n \n Units\n \n ”) at a price of CAD$0.25 per Unit. Each Unit is\ncomposed of one common share (“\n \n Common Share\n \n ”) and one Common Share purchase warrant\n(“\n \n Warrant\n \n ”). Each whole\nWarrant entitles the holder to purchase one Common Share at a price of\nCAD$0.30 per Common Share until the date which is twenty four (24)\nmonths from the date of issuance.\n \n \n The Company intends to use the net proceeds from the Offering for\ngeneral corporate and working capital purposes, as well as on\nexploration on the Silver Vista property and New Moon property.\nCompletion of the Offering is subject to certain conditions including,\nbut not limited to, the receipt of all necessary approvals, including\nthe approval of the TSX Venture Exchange and applicable securities\nregulatory authorities. All securities issued and issuable pursuant to\nthe Offering will be subject to a four month and one day statutory\nhold period.\n \n \n \n Related Party Transaction\n \n \n \n In connection with the Offering, Mr. Campbell Smyth, a director of the\nCompany, will acquire 50,000 Units. This is a “related party\ntransaction” as such term is defined by Multilateral Instrument\n61-101 - Protection of Minority Security Holders in Special\nTransactions (“\n \n MI\n61-101\n \n ”), requiring the Company, in the absence of\nexemptions, to obtain a formal valuation for, and minority shareholder\napproval of, the “related party transaction”. The Company intends\nto rely on an exemption from the formal valuation and minority\nshareholder approval requirements set out in MI 61-101 as the fair\nmarket value of the participation in the Offering by Mr. Smyth does\nnot exceed 25% of the market capitalization of the Company, as\ndetermined i...