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Iconic Minerals Announces First Tranche Closing for Gross Proceeds of $2,705,000
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQG) announces that on May 30, 2016 it received conditiona
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - June 2, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (FSE: YQG) announces that on May 30, 2016 it received conditional acceptance from the TSX Venture Exchange to close the first tranche of its private placement (refer to ICM News Release dated May 2, 2016). In accordance with the provisions of Subscription Agreements, on June 2, 2016 the Company issued a total of 13,525,000 Units at a price of $0.20 per Unit, each Unit being comprised of one common share and one-half share purchase warrant, each whole warrant being exercisable into one common share on or before June 1, 2018 at $0.30 per share. A total of $158,150 cash and 309,900 Compensation Warrants were issued as finders' fees in connection with this first tranche closing. The Compensation Warrants are exercisable on or before June 1, 2017 into a total of 309,900 units at $0.20 per unit. Each unit if and when issued will be comprised of one common share and one-half non-transferable share purchase warrant, each whole warrant being exercisable at $0.30 per share on or before June 1, 2018. The Company anticipates closing the balance of this financing shortly. These shares, together with any shares that may be issued on exercise of the warrants and Compensation Warrants will be subject to a hold period under applicable Canadian securities laws expiring on October 3, 2016, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws. Two Insiders (the \"Related Parties\"), directly and indirectly, subscribed for a total of 1,750,000 Units from the Financing, which increased 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, 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. On behalf of the Board of Directors SIGNED: \"Richard Barnett\" Richard Barnett, CFOContact: (604) 336-8614 For further information on ICM, please visit our website at www.iconicmineralsltd.com...