Business
Fjordland Announces Flow-Through Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - Fjordland Exploration Inc. ...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland Announces Flow-Through Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - Fjordland Exploration Inc. (TSXV: FEX) (\"Fjordland\" or the \"Company\") is pleased to announce a non-brokered private placement consisting of the issuance of up to 10,000,000 common shares (each, a \"FT Share\") issued on a \"flow-through\" basis pursuant to the Income Tax Act (Canada) and the Taxation Act (Quebec) at a price of $0.13 per share for gross proceeds of up to $1,300,000 (the \"Offering\").The company intends to use the proceeds of the Offering for the exploration of the company's Renzy Nickel-Copper project in Quebec. The gross proceeds from the issuance of the FT Shares will be used for \"Canadian Exploration Expenses\" (within the meaning of the Income Tax Act (Canada)) (the \"Qualifying Expenditures\"), which will be renounced with an effective date no later than December 31, 2022, to the purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Shares for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures.The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. Finder's fees will be payable in accordance with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the U.S. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may n...