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GC-Global Capital Corp. Announces Closing of Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - June 17, 2014) - GC-Global Capital Corp. (TSXV: GDE.A) (&#...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\nGC-Global Capital Corp. Announces Closing of Private Placement FinancingToronto, Ontario--(Newsfile Corp. - June 17, 2014) - \nGC-Global Capital Corp. (TSXV: GDE.A) (“Global Capital” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private \nplacement of 5,375,000 subordinate voting shares at a price of $0.40 per share for total gross proceeds of $2,150,000. The proceeds of the financing will be used for a secured convertible debenture transaction that the Company expects to \nannounce the details of soon after closing of the private placement financing. The subordinate voting shares issued will be subject to a four-month hold period. \n\nSubscriptions by insiders of the Corporation accounted for $300,000 of the gross proceeds of the Offering. Participation by the insiders in the Offering is exempt from the valuation and minority shareholder approval requirements of Multilateral \nInstrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101. \n\nThe securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an \napplicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States. \n\nStock Option Grant \n\nThe Company also wishes to announce that, on June 5, 2014, the Board of Directors approved the issuance of 230,000 options to non-executive directors. The exercise prices of the options are $0.40. The options are subject to a four-month hold \nperiod and have a term of ten years. The 230,000 non-executive directors’ options vest after the four-month hold period. The option plan is designed to give each optionee an interest in preserving and maximizing shareholder value in the longer \nterm.\n\nAbout GC-Global Capital Corp. \n\nGlobal Capital is a merchant bank, which provides bridge loan services, to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology. For further inf...