Business
Logan Resources and Voleo Announce Closing of Offering of Subscription Receipts
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2019) - Logan Resources Ltd. (TSXV: ...
About this update from Intrepid Metals Corp.
[{"type":"text","content":"Logan Resources and Voleo Announce Closing of Offering of Subscription ReceiptsVancouver, British Columbia--(Newsfile Corp. - April 30, 2019) - Logan Resources Ltd. (TSXV: LGR) (the \"Company\" or \"Logan\") is pleased to announce that it has completed a public offering pursuant to which it has sold an aggregate of 16,234,000 subscription receipts (each, a \"Subscription Receipt\") at a price of $0.25 per Subscription Receipt (the \"Offering Price\") for gross proceeds of $4,058,500.00 (the \"Offering\"). As previously announced, Haywood Securities Inc. (the \"Lead Agent\"), together with PI Financial Corp. (together with Lead Agent, the \"Agents\") acted as agents in respect of the Offering pursuant to the terms of an agency agreement (the \"Agency Agreement\"). Now that the Offering is closed, subject to TSX Venture Exchange (\"Exchange\") approval, all material conditions to the business combination of Voleo, Inc. (\"Voleo\") and Logan (the \"Transaction\") have been satisfied. As a result, Logan and Voleo intend to close the Transaction on or around the week of May 13, 2019.Subscription Receipt OfferingEach Subscription Receipt will entitle the holder thereof to receive, without payment of additional consideration or further action on the part of the holder, one unit of the Company (each a \"Unit\" and collectively the \"Units\"), upon receipt by the escrow agent, on or before 120 days from the closing of the Offering (the \"Deadline\") of a release notice (the \"Release Notice\") from the Company, and acknowledged by the Lead Agent, on behalf of the Agents, confirming that: (a) all of the conditions precedent to the closing of the Transaction have been satisfied or waived to the satisfaction of the Company and Voleo, and as acknowledged by the Lead Agent, (b) except as consented to in writing by the Lead Agent, no material provision of the Amalgamation Agreement (the \"Amalgamation Agreement\") has been amended by the parties thereto, (c) the Agency Agreement has not been terminated, and (d) neither the Company nor Voleo is in material breach or default of the Agency Agreement.Each Unit will consist of one common share on a post-consolidation basis (each, a \"Unit Share\") and one-half of one share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder thereof to purchase one common shar...