Business
Grid Metals Corp. Closes C$1.4 Million Private Placement
Not for distribution to United States Newswire Services or for dissemination in the United S...
About this update from Grid Metals Corp.
[{"type":"text","content":"Grid Metals Corp. Closes C$1.4 Million Private PlacementNot for distribution to United States Newswire Services or for dissemination in the United StatesTORONTO, ON / ACCESSWIRE / February 18, 2020 / Grid Metals Corp. (the \"Company\") (TSXV:GRDM) is pleased to report that it has closed the previously announced non-brokered private placement of units (the \"Units\") of the Company for gross proceeds of C$1,399,996 (the \"Offering\"). The Company issued a total of 10,769,200 units of the Company at a price of C$0.13. Red Cloud Klondike Strike Inc. acted as a finder in connection with the Offering.Each Unit consisted of one common share (\"Common Share\") of the Company and one half of one common share purchase warrant (\"Warrant\"). Each whole Warrant entitles the holder to purchase one common share in the capital of the Company at a price of C$0.20 per common share for a period of 36 months from closing.In connection with the Offering, the Company paid aggregate finders' fees of $92,442 in cash and 471,096 common share purchase warrants issued on the same terms as the Warrants, as permitted by the policies of the TSX Venture Exchange.Proceeds of the Offering will be used for exploration and for general working capital purposes.Closing of of the Offering subject to receipt of regulatory approvals, including the acceptance of the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day in accordance with applicable securities laws expiring on June 15, 2020.\" We welcome our new shareholders to Grid. This capital raise will enable us to complete an extensive geophysical program and drilling at our East Bull Lake Palladium Property near Sudbury\" said Robin Dunbar, President of Grid. \" Our objective is a significant new palladium discovery\".This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.About Grid Metals Corp.Grid Metals Corp. is an exploration and development Company that has a diversified portfolio of projects in the nic...