Business
Northway Resources Closes Initial Public Offering
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - Northway Resources Corp. (TSXV: NTW) (the "Company") is pleased to announce that it has comple
About this update from Kenorland Minerals Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - Northway Resources Corp. (TSXV: NTW) (the \"Company\") is pleased to announce that it has completed its initial public offering of 18,486,000 common shares (each a \"Share\") issued at a price of $0.10 per Share. This generated aggregate gross proceeds of $1,848,600 pursuant to a prospectus dated July 30, 2019 (the \"Prospectus\"). A cash commission equal to 7% of the gross proceeds of the offering was paid to the Company's agents, Haywood Securities Inc. and Echelon Wealth Partners Inc. and their selling group members (the \"Agents\"), as well as a corporate finance fee of $35,000, plus applicable taxes. In addition, the Agents received 1,294,020 non-transferable warrants to acquire up to 1,294,020 Shares at a price of $0.10 per Share until August 22, 2021. The Company will use the net proceeds from the offering in furtherance of its short term business objectives as outlined in the Prospectus. A copy of the Prospectus is available under the Company's profile on SEDAR at www.sedar.com. The Company's common shares were listed for trading and immediately halted on the TSX Venture Exchange under the trading symbol \"NTW\" on August 22, 2019 and are expected to commence trading on or about August 26, 2019. The Company also granted an aggregate of 2,000,000 incentive stock options to its directors and officers as outlined in the Prospectus. Each option is exercisable at a price of $0.10 per share for a period of five years, vesting immediately. The Company expects to complete a concurrent non-brokered private placement of 6,900,000 Shares at a price of $0.10 per Share (the \"Placement\"), subject to the approval of the TSX Venture Exchange, shortly after the commencement of trading. The proceeds of the Placement will be used for general working capital. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does no...