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Crestview Exploration Announces Closing of First Tranche of Private Placement and Issuance of Shares in Lieu of Director and Advisor Fees
Calgary, Canada – TheNewswire - December 22, 2022 – Crestview Exploration Inc. (CSE:CRS), (Frankfurt:CE7) (“Crestview” or the “Company”) is pleased to announce
About this update from Gold Runner Exploration Inc.
[{"type":"text","content":"Calgary, Canada – TheNewswire - December 22, 2022 – Crestview Exploration Inc. (CSE:CRS), (Frankfurt:CE7) (“Crestview” or the “Company”) is pleased to announce that is has closed, subject to Canadian Securities Exchange approval, the first tranche of its non-brokered private placement previously announced in a press release on December 14, 2022, by issuing 700,000 units at a price of $0.10 per unit for aggregate proceeds of $70,000. Each unit consists of one common share of the Company and one share purchase warrant of the Company (the “Offering”). Each warrant is exercisable into one common share of the Company at a price of $0.20 for a term of two years from the date of issuance. The Company intends to use the proceeds of this tranche for expanded geophysical surveying, claim expansion and general corporate purposes. The Company will pay $4,200 in cash, and 42,000 broker warrants with the same warrant terms as those described above, as compensation to qualified finders as part of this Offering. The securities issued under the Offering will have a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws. The Company is also pleased to announce that it will issue securities to certain directors and a previous board advisor of the Company in lieu of paying director and advisory fees that are owed to these individuals (“Securities for Fees”). Pursuant to the Securities for Fees transaction and subject to Canadian Securities Exchange approval, an aggregate of 165,000 units will be issued to two directors and a previous board advisor of the Company in lieu of paying cash fees that were accrued by these individuals. Each unit consists of one common share of the Company and one share purchase warrant of the Company and each warrant is exercisable into one common share of the Company at a price of $0.20 for a term of two years from the date of issuance. The participation by the insiders in the Securities for Fees is considered to be a \"related party transaction\" as defined for the purposes of Multinational Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction is exempt from the formal valuation and minority approved requirements pursuant to sections 5.5(a)and 5.7(1)(a) of MI 61-101 respectively, a...