Business
Halcones Precious Metals Closes First Tranche of Private Placement Offering
TORONTO, July 14, 2023 (GLOBE NEWSWIRE) -- Halcones Precious Metals Corp. (TSXV: HPM) (the “Company” or “Halcones”) has closed the first tranche (the “First Tra
About this update from Halcones Precious Metals Corp
[{"type":"text","content":" TORONTO, July 14, 2023 (GLOBE NEWSWIRE) -- Halcones Precious Metals Corp. (TSXV: HPM) (the “Company” or “Halcones”) has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing (the “Offering”). The Company issued 24,862,925 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of $1,243,146.25. Please see the Company’s press release dated June 21, 2023 for further details regarding the Offering. Each Unit is comprised of one common share in the capital of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.10 per Common Share for a period of 36 months following the date hereof. Securities issued under the Offering carry a hold period of 4 months and one day from the date hereof as required under applicable securities laws. The Company plans to use the aggregate net proceeds of the First Tranche to continue the exploration work on the Company’s Carachapampa project as well as general corporate working capital purposes. The Company intends to complete the second tranche of the Offering on or before August 4, 2023. The Offering is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. In connection with the First Tranche, Halcones paid finder’s fees of $5,250 in cash and issued 105,000 non-transferable finder’s warrants (the “Finder’s Warrants”). Each Finder’s Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 for a period of time following the date hereof. Certain directors and officers of the Company have subscribed for 8,562,925 Units in the First Tranche (the “Insider Investment”). The Insider Investment constitutes a related party transaction, as such term is defined under the policies of the TSXV, and the Company has relied on certain exemptions from the minority approval and formal valuation requirements under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as the fair market value of the aggregate Insider Investment is below 25% of the Company's market capitalization for the purposes of Sections 5.5(a) and 5.7(1)(a) of MI 61-1...