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ECC Ventures 2 Corp Announces Closing of Additional Financing
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. ...
About this update from Infield Minerals Corp
[{"type":"text","content":"ECC Ventures 2 Corp Announces Closing of Additional FinancingNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.VANCOUVER, BC / ACCESSWIRE / April 14, 2021 / ECC Ventures 2 Corp. (\"ECC2\" or the \"Company\") (TSXV:ETWO.P) is pleased to announce that Infield Minerals Corp. (\"Infield\") has completed an additional non-brokered private placement financing (the \"Second Tranche Financing\") conducted in connection with the Company's proposed Qualifying Transaction to acquire Infield (the \"Acquisition\"), as announced on December 7, 2020.Pursuant to the terms of the Second Tranche Financing, Infield issued 962,500 subscription receipts (the \"Subscription Receipts\") at a price of $0.40 per Subscription Receipt for aggregate gross proceeds of $385,000. Immediately prior to the completion of the Acquisition, on satisfaction of the Escrow Release Conditions (as defined below), each Subscription Receipt will be automatically exercised, for no further consideration and with no further action on the part of the holder thereof, to acquire one unit (an \"Infield Unit\") of Infield. The Infield Units issuable upon exercise of the Subscription Receipts will be exchanged for one common share (a \"Resulting Issuer Share\") and one common share purchase warrant (a \"Resulting Issuer Warrant\") of the issuer resulting from the Acquisition (the \"Resulting Issuer\") in connection with the closing of the Acquisition. Each Resulting Issuer Warrant will be exercisable to acquire one common share of the Resulting Issuer (a \"Resulting Issuer Warrant Share\") at a price of $0.60 per share for a period of two years from issuance, subject to adjustment in certain events.The gross proceeds of the Second Tranche Financing (less a $7,000 cash commission) were deposited in escrow on closing of the Second Tranche Financing pending satisfaction of certain conditions (the \"Escrow Release Conditions\"), including, amongst others: (a) the satisfaction or waiver of each of the conditions precedent to the Acquisition; (b) the Resulting Issuer being conditionally approved for listing on the TSX Venture Exchange (the \"Exchange\"), and (c)‎ the receipt of all required shareholder and regulatory approvals in connection with the Acquisition, the Second Tranche Financing and the financing that closed on February 16, 2021 ...