Business
Iconic Minerals Announces Closing of Financing for Gross Proceeds of $600,000
Vancouver, British Columbia--(Newsfile Corp. - December 28, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) announces that on December 27
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - December 28, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) announces that on December 27, 2017 it received acceptance from the TSX Venture Exchange to close its private placement announced in News Release dated December 13, 2017. In accordance with the provisions of Subscription Agreements, on December 28, 2017 the Company issued a total of 6,000,000 Units at a price of $0.10 per Unit, each Unit being comprised of one common share and one share purchase warrant, each warrant being exercisable into one common share on or before close of business on December 27, 2019 at $0.15 per share (provided that in the event that the weighted average closing price of the Company's shares on the TSX Venture Exchange (the \"TSX-V\") equals or exceeds $0.25 per share during any 20 non-consecutive trading days in a 365 day period, commencing four (4) months after the date of issuance of the Warrants, then the Company may, within 20 days of such an occurrence, give notice in writing to the holders of the Warrants that the Warrants shall expire at 5:00 p.m. (Vancouver time) on the 20th business day following delivery of such notice unless exercised by the holders of the Warrants prior to such time). These shares, together with any shares that may be issued on exercise of the warrants will be subject to a hold period under applicable Canadian securities laws expiring on April 29, 2018, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws. The Company also paid a total of $15,200 as cash finder's fees in connection with this financing. One Insider (the \"Related Party\") indirectly subscribed for a total of 2,500,000 Units from the Financing, which increased that Related Party's 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, with the value of the Related Party Transaction being less than 25% of the Company's market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the Ontario Securities Commission's Rule 61-501. Bonnie Claire Drilling Program With the com...