Business
International Prospect Ventures Closes $800,000 Private Placement Financing
Val-d'Or, Quebec--(Newsfile Corp. - June 16, 2021) - International Prospect Ventures Ltd. (...
About this update from International Prospect Ventures Ltd
[{"type":"text","content":"International Prospect Ventures Closes $800,000 Private Placement FinancingVal-d'Or, Quebec--(Newsfile Corp. - June 16, 2021) - International Prospect Ventures Ltd. (TSXV: IZZ) (the \"Company\") is pleased to announce that, further to its news releases of May 10 and 31, 2021, it has completed a non-brokered private placement offering (the \"Offering\") for gross proceeds of $800,249.85.The Company issued 5,334,999 Units under the Offering at a per Unit price of $0.15, 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 $0.20 for 36 months from the date of issuance of the securities, subject to accelerated expiry in certain circumstances.Five insiders of the Company participated in the Offering for aggregate cash consideration to the Company of $97,350, 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 did not exceed $2,500,000.In connection with the Offering, the Company issued an aggregate 91,000 common shares at a deemed per share price of $0.15 to various arm's length parties in satisfaction of an aggregate $13,650 in finder's fees representing 5% of the purchase proceeds received from subscribers introduced to the Company by the finders.The net proceeds raised from the Offering will be used by the Company for exploration work across the Company's Pilbara \"Wits End Project\" exploration projects near Marble Bar and Nullagine in Western Australia, as well as for new royalty and project acquisitions within Australia. All securities issued under the Offering, including common shares underlying the Warrants, are subject to a hold period until October 16, 2021, in accordance with applicable securities legislation and the policies of the T...