Business
European Energy Announces Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - European Energy Mining Corp. (...
About this update from Grit Metals Corp.
[{"type":"text","content":"European Energy Announces Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - European Energy Mining Corp. (TSXV: FIN) (\"European Energy\" or the \"Company\") is pleased to announce that is has closed its previously announced over subscribed non-brokered private placement (the \"Private Placement\") consisting of units 5,787,800 (\"Units\") at a price of $0.36 per Unit for total gross proceeds of to $2,083,608.Each Unit consists of one common share (a \"Share\") and one-half of a common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable for one additional common share at an exercise price of $0.75 until October 20, 2026. In connection with the Private Placement, the Company has paid Leede Jones Gable Inc. a cash commission of $140,112 and has paid Raymond James Ltd. a cash commission of $5,040. The Company also issued 695,000 Shares to Leede Jones Gable Inc. as compensation and issued 14,000 Broker Warrants (having the same terms as the Warrants) to Raymond James Ltd. as compensation.All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital.A director of the Company has subscribed for 27,800 Units pursuant to the Private Placement. The issuance of the Units to the director pursuant to the Private Placement (the \"Insider Participation\") will be considered to be a related party transaction within the meaning of Multilateral Instrument 61-101 (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of the Insider Participation.Early Warning DisclosureThe following disclosure is being provided under the early warning provisions of Canadian securities legislation. Zhuo Wei Ye (the \"Acquiror\") of 1009 Expo Boulevard, Vancouver, B.C. V6Z 2V9 acquired ownership and control over 5,000,000 Units (5,000,000 Shares and 2,500,000 Warrants) pursuant to the Private Placement at an aggregate price of $1,800,000. Prior to the Private Placement, the Acquiror did not hold any securities of the Co...