Business
Inflection Resources Completes $3.5M Initial Public Offering
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2020) - Inflection Resources Ltd. (CSE: AUCU) (the "Company" or "Inflection") is pleased to announce tha
About this update from Inflection Resources Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 17, 2020) - Inflection Resources Ltd. (CSE: AUCU) (the \"Company\" or \"Inflection\") is pleased to announce that on July 17, 2020, it completed its Initial Public Offering (the \"IPO\") to raise gross proceeds of $3,500,000. The Company's common shares were listed on the Canadian Securities Exchange (the \"CSE\") on July 16, 2020 and will begin trading on July 21, 2020 under the symbol \"AUCU\". Alistair Waddell, Inflection's President and CEO, states, \"We are happy to have completed the IPO process and are now ready to commence trading and initiate drilling in New South Wales, Australia. The net proceeds from the IPO combined with our pre-IPO working capital totals approximately $4.68 million and will be used to execute our planned drill programs on our Northern NSW Romardo Project in northern New South Wales, Australia and for general working capital.\" The IPO was comprised of 14,000,000 units (the \"Units\") of the Company at a price of $0.25 per Unit. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire, subject to adjustment in certain circumstances, one common share in the capital of the Company at an exercise price of $0.40 for a period of 18 months following the closing date. If, following the closing of the IPO, the closing price of the common shares in the capital of the Company on the CSE is equal to or greater than $0.80 for any 10 consecutive trading days, the Company may, upon providing written notice to the holders of the warrants, accelerate the expiry date of the warrants to the date that is 30 days following the date of such written notice. Haywood Securities Inc. acted as agent (the \"Agent\") for the IPO. The Agent received a cash commission, a corporate finance fee and, together with its selling group, an aggregate of 1,120,000 non-transferable compensation options (the \"Compensation Options\") equal to 8% of the number of Units sold. Each Compensation Option will be exercisable at $0.25 per Compensation Option for a period of eighteen (18) months following the closing date to acquire one common share and one-half of one non-transferrable warrant. Each whole compensation warrant will be exercisable to purchase one c...