E36 Capital Announces Upsizing of Concurrent Financing to $3,718,900

About this update from Kalo Gold Corp

[{"type":"text","content":"E36 Capital Announces Upsizing of Concurrent Financing to $3,718,900THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / February 22, 2021 / E36 CAPITAL CORP. (TSXV:ETSC.P) (\"E36\" or the \"Company\"), a Capital Pool Company as defined in the policies of the TSX Venture Exchange (the \"TSXV\"), further to its news release of January 29, 2021 regarding the receipt of conditional acceptance from the TSXV in respect of its previously announced \"Qualifying Transaction\" pursuant to Policy 2.4 - Capital Pool Companies with Kalo Gold Corp. (\"Kalo\") (the \"Transaction\"), is pleased to announce an increase in the size of its non-brokered private placement of common shares (each, an \"E36 Share\") in the Capital of the Company at a price of $0.20 per E36 Share (the \"Concurrent Financing\").The Concurrent Financing, as previously announced, was to consist of the issuance of 16,100,000 E36 Shares for minimum total gross proceeds of $3,220,000. Due to overwhelming demand, the Company now intends to issue an additional 2,494,500 E36 Shares at a price of $0.20 per E36 Share for minimum total gross proceeds of $3,718,900.Based on the number of currently issued and outstanding common shares of Kalo (each, a \"Kalo Share\"), it is expected that upon the Completion of the Transaction the Company will issue to the shareholders of Kalo a total of 27,450,000 Shares, on the basis of one E36 Share for each Kalo Share, at a deemed price of $0.20 per E36 Share. As a result of the increase in the Concurrent Financing, the number of E36 Shares outstanding at the closing of the Transaction will increase, such that there will be 53,654,500 Shares, rather than the previously announced 51,160,000 E36 Shares outstanding on completion of the Transaction. The E36 Shares issued pursuant to the Concurrent Financing are expected to constitute 34.7% of the issued and outstanding E36 Shares upon the completion of the Transaction.The following table sets out information respecting the Company's expected sources of cash following the completion of the Transaction. The amounts shown in the table are estimates and are based upon the information available to the Company and Kalo as of the date hereof:SourcesAmount($)Estimated combined working capital of the Company and Kalo as at Janua...

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