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Infinico Metals Announces the Closing of the Second and Final Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Infinico Metals Corp. (TSXV: ...
About this update from Infinico Metals Corp.
[{"type":"text","content":"\nInfinico Metals Announces the Closing of the Second and Final Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Infinico Metals Corp. (TSXV: INFM) (\"Infinico\" or the \"Company\") announces that, further to its news releases of May 2, 2024, May 23, 2024, and June 19, 2024, it has closed the second and final tranche (the \"Second Tranche\") of its non-brokered private placement financing (the \"Offering\") for gross proceeds of up to $1,400,000 composed of the sale of: (i) hard dollar units (\"HD Units\") at a price of $0.075 per HD Unit for gross proceeds of up to $400,000; and (ii) flow-through units (\"FT Units\") at a price of $0.09 per FT Unit and charity flow-through units (the \"CFT Units\") at a price of $0.138 per CFT Unit, in any combination, for gross proceeds of up to $1,000,000. The Second Tranche consisted of the sale of 1,388,889 FT Units for aggregate gross proceeds of $125,000. The first tranche, which closed on June 19, 2024, consisted of the sale of 4,000,000 HD Units for aggregate gross proceeds of $300,000 and 2,383,333 CFT Units for aggregate gross proceeds of $328,900.Each HD Unit was composed of one common share (each, a \"Share\") in the capital of the Company and one-half of one Share purchase warrant (each, a \"Warrant\"), with each whole Warrant exercisable by the holder for a period of twenty-four (24) months from the date of issuance at a price of $0.15 per Warrant. Each CFT Unit and each FT Unit was composed of one common share that qualifies as a \"flow-through share\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec))(each, a \"FT Share\") and one-half of one Warrant, with each whole Warrant exercisable by the holder for a period of twenty-four (24) months from the date of issuance at a price of $0.15 per Warrant.The Company will use an amount equal to the gross proceeds received by the Company from the sale of the CFT Units and FT Units to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the Income Tax Act (Canada) and, in respect of Québec resident subscribers who are eligible individuals, will qualify for inclusion in the \"exploration base relating to certain Québe...