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Iconic Announces Equity Financing up to $500,000 and $1,050,000 Debt Settlement
(via Thenewswire.ca) Vancouver, BC / TNW-ACCESSWIRE / November 20, 2014 / Iconic M...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Announces Equity Financing up to $500,000 and $1,050,000 Debt Settlement(via Thenewswire.ca)\n \n \nVancouver, BC / TNW-ACCESSWIRE / November 20, 2014 / Iconic Minerals Ltd. (TSX-V: ICM / FSE: YQG) announces that it has negotiated, subject to acceptance by the TSX Venture Exchange (\"TSX-V\"), a private placement for gross proceeds of up to $500,000 (the \"Financing\"). Upon receipt of acceptance from the TSX-V to the Financing, the Company will issue up to 10,000,000 Units (the \"Units\") at a price of $0.05 per Unit, each Unit consisting of one common share and one-half share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of one (1) year from the date of issuance at a price of $0.15 per share. \n\n \n \nProceeds raised from the Financing will be used towards exploration and development of the Company's Hercules Project in Lyon County, Nevada, and for general working capital purposes. \n\n \n \nThe Company may pay finders' fees in connection with the Financing in accordance with the rules and policies of the TSX-V.\n\n \n \nDebt Settlement\n\n \n \nThe Company further announces that it has negotiated a settlement with certain creditors (the \"Debt Settlement\") for outstanding debts in the aggregate amount of Cdn$1,050,000 (the \"Debt\"), subject to acceptance by the TSX-V. In accordance with TSX-V Policies, the Debt will be settled by the issuance of 21,000,000 common shares at a deemed price of Cdn$0.05 per share. \n\n \n \nTwo (2) Insiders (the \"Related Parties\") will directly and/or indirectly acquire an aggregate of 5,680,000 Shares from the Debt Settlement, which will increase those Related Parties' pro rata shareholdings in the Company (the \"Related Party Transaction\"). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101. \n\n \n \nOn behalf of the Board of Directors\n\n \n \nSIGNED : \"Richard Barnett\"\n\n \n \nRichard Barnett, CFO\n\n\n \nContact: (604) 336-8614\n\n \n \nFor further information on ICM, please visit our website at www.iconicmineralsltd.com\n\n\n \nThe Compan...