Business
International Prospect Ventures Closes $500,000 Private Placement Financing
Val-d'Or, Québec--(Newsfile Corp. - December 8, 2022) - International Prospect Ventures Ltd...
About this update from International Prospect Ventures Ltd
[{"type":"text","content":"International Prospect Ventures Closes $500,000 Private Placement FinancingVal-d'Or, Québec--(Newsfile Corp. - December 8, 2022) - International Prospect Ventures Ltd. (TSXV: IZZ) (the \"Company\" or \"International Prospect\") announces that, further to its news releases of September 20 and October 28, 2022, it has completed a non-brokered private placement offering (the \"Offering\") for gross proceeds of $500,000.The Company issued 10,000,000 Units under the Offering at a per Unit price of $0.05, each Unit comprised of one common share in the capital of the Company and one-half of one non-transferable share purchase warrant, each whole warrant entitling the purchase of one common share at a per share price of $0.075 until December 8, 2023, and $0.10 from December 9, 2023 to December 8, 2024.Six insiders of the Company participated in the Offering for aggregate cash consideration to the Company of $222,000, which constitutes a Related Party Transaction under TSX Venture Exchange Policy 5.9. The Company availed itself of the exemptions contained in section 5.5(c) of MI 61-101 (distribution of securities for cash) for an exemption from the formal valuation requirement and Section 5.7(1)(b) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the securities to be distributed in the transaction, and the consideration to be received by the Company for those securities, insofar as the transaction involves interested parties that did not exceed $2,500,000.In connection with the Offering, the Company paid cash finder's fees in the amount of $1,250 and issued 25,000 finder's warrants exercisable at a price of $0.075 until December 8, 2023, to an arm's length finder.The net proceeds raised from the Offering will be used by the Company for general corporate purposes and for the advancement of the Company's gold tenements located in Western Australia. All securities issued under the Offering, including common shares underlying the warrants, are subject to a hold period until April 9, 2023, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.About International Prospect Ventures Ltd. International Prospect is a natural resource issuer involved in the process of acquiring and exploring mineral property assets. The Company ...