Business
Intrepid Metals Corp. (Formerly Voleo Trading Systems) Announces Closing of Financing
Vancouver, British Columbia--(Newsfile Corp. - April 22, 2022) - Intrepid Metals Corp. (TSXV:...
About this update from Intrepid Metals Corp.
[{"type":"text","content":"Intrepid Metals Corp. (Formerly Voleo Trading Systems) Announces Closing of FinancingVancouver, British Columbia--(Newsfile Corp. - April 22, 2022) - Intrepid Metals Corp. (TSXV: TRAD) (formerly Voleo Trading Systems Inc.) (\"the Company\" or \"Intrepid\") is pleased to announce that it has closed a private placement offering of units for gross process of $3,070,500 (the \"Offering\"). The Company increased the offering size from the prior maximum of $3 million. The closing of the Offering is the final material condition for the completion of its Change of Business transaction (the \"Transaction\"). The Company can now apply for final approval from the TSX Venture Exchange (the \"Exchange\") to resume trading under its new trading symbol INTR.V. In addition, in preparation for the closing the Transaction, the Company has changed it name from Voleo Trading Systems Inc. to Intrepid Metals Corp. Click here for more details about the Transaction.The Offering consisted of 15,352,500 units issued at $0.20 per unit (each a \"Unit\") for aggregate gross proceeds of $3,070,500. Each Unit consists of one common share (each a \"Share\") and one half of one warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase an additional Share for $0.35 for a period of 24 months after closing. The Units are subject to a statutory four month hold period that expires on August 22, 2022. The Company intends to use the net proceeds of the Offering for the purposes set out in its Filing Statement dated June 30, 2021 which is filed on SEDAR at www.sedar.com. In connection with the Offering the Company paid finder's fees of $63,000 in cash and issued 315,000 non-transferrable finder's warrants. Each finder's warrant is exercisable for a share at an exercise price of $0.20 for a period of 24 months after closing. To demonstrate continued support of the Company, certain directors, officers and insiders of the Company and their affiliates participated in the Offering and acquired 1,012,500 Units for proceeds of $202,500. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction will be exempt from minority approval, information circular and formal valuati...