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Grid Metals Corp. Announces Financing to Drill East Bull Lake Platinum Palladium Property
TORONTO, ON / ACCESSWIRE / October 29, 2019 / Grid Metals Corp ( TSXV:GRDM ) (" Grid " or th...
About this update from Grid Metals Corp.
[{"type":"text","content":"Grid Metals Corp. Announces Financing to Drill East Bull Lake Platinum Palladium PropertyTORONTO, ON / ACCESSWIRE / October 29, 2019 / Grid Metals Corp (TSXV:GRDM) (\"Grid\" or the \"Company\") today announced that it is undertaking a new non brokered private placement of up to $500,000 gross proceeds (the \"Offering\"). Under the terms of the Offering the Company will sell a combination of up to 2,000,000 flow-through common shares of the Company at a price of $0.125 per share ( the \"Flow Through Offering\") and up to 2,500,000 hard dollar units at a price of $0.10 per unit ( the \"Hard Dollar Offering\" ), with each unit consisting of one common share and one warrant. Each warrant is exercisable for one common share in the capital of the Company at a price of $0.15 per share for a period of two years. The Offering is subject to an over allotment option of 25% in the discretion of the CompanyThe gross proceeds of the Flow Through Offering will be used by the Company to incur eligible Canadian exploration expenses (as defined in the Income Tax Act (Canada)) through the exploration of the Company's properties located in the Province of Ontario. The Company anticipates at least part of the proceeds of the Flow Through Offering to be used to drill test the East Bull Lake PGM Property. The net proceeds of the Hard Dollar Offering will be used to fund working capital requirements of the Company.The Offering is anticipated to close on or about November 30, 2019 (the \"Closing Date\"). Closing of the Offering is subject to certain conditions including the receipt of regulatory approvals, including, TSX Venture Exchange approval. The shares to be issued under the Offerings will be subject to a four month and one day hold period from the Closing Date under applicable securities laws in Canada.The Company may pay cash Finder's Fees of 7% to qualified finders in accordance with the policies of the TSX Venture Exchange on the closing of the Offering.This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption ...