Business
Lite Access Closes First Tranche for $2,050,000
Lite Access Closes First Tranche for $2,050,000 Canada NewsWire VANCOUVER, Feb. ...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n\n\n\nLite Access Closes First Tranche for $2,050,000\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 21, 2020\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./\n VANCOUVER, Feb. 21, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (TSX VENTURE: LTE) (OTC PINK: LTCCF) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (see news release dated February 14, 2020) by issuing 4,100,000 units (\"Units\") at a price of $0.50 per Unit for gross proceeds of $2,050,000 (the \"Financing\").  \nEach Unit consists of one common share of the Company and one share purchase warrant (each a \"Warrant\"), with each Warrant entitling the holder to purchase one additional common share for a period of three years from the date of the issue at an exercise price of $0.65 per share.  The Company has the right to accelerate the expiry date of the Warrants if, at any time, the volume weighted average price of the Company's common shares is equal to or greater than $0.85 for 20 consecutive trading days.  In the event of acceleration, the expiry date will be accelerated to a date that is 15 business days after the Company issues a news release announcing that it has elected to exercise this acceleration right.\nAll securities issued in connection with the Financing will be subject to a four‐month statutory hold period expiring on June 22, 2020.  Under tranche 1, the Company paid total finders fees of $90,300 and 180,600 Warrants.\nThe proceeds of the Financing will be used for potential acquisitions and working capital purposes.\nThis news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including the United States of America. The securities being offered as part of the Financing have not been, and will not ...