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Saville Announces Closing of First Tranche of Flow-Through and Non Flow-Through Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Future Fuels Inc
[{"type":"text","content":"Saville Announces Closing of First Tranche of Flow-Through and Non Flow-Through Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / December 23, 2020 / Saville Resources Inc. (TSXV:SRE)(FSE:S0J) (the \"Company\") is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement (the \"Offering\"), as described in its News Release dated December 17, 2020, pursuant to which it has issued an aggregate of 8,250,000 flow-through shares (each, a \"FT Share\") at a price of $0.05 per FT Share for gross proceeds of $435,000 and 6,014,500 non flow through units (each, a \"NFT Unit\") at a price of $0.05 per NFT Share for gross proceeds of $300,725.Each FT Share was issued on a \"flow-through\" basis pursuant to the Income Tax Act (Canada).Each NFT Unit will consist of one common share of the Company (each, an \"NFT Share\") and one non-transferable common share purchase warrant (each, an \"NFT Warrant\"), with each NFT Warrant entitling the holder to purchase one NFT Share for a period of three years following the closing of the Offering (the \"Closing\") at an exercise price of $0.075 per NFT Share in the first year and at an exercise price of $0.15 per NFT Share for the remaining two years.The securities issued under the Offering are subject to a statutory hold period expiring on April 24, 2021.The Company paid cash finder's fees of $19,600 to a certain finder.The Company plans to use the proceeds from the Offering for exploration and development of the Company's Niobium Claim Group Property in Quebec.Insiders of the Company subscribed for a total of 5,889,500 Units under the financing, which is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuance to the insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares issued to the related parties did not ex...