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Kootenay closes strategic investment by Eric Sprott for proceeds of $5 million
Kootenay closes strategic investment by Eric Sprott for proceeds of $5 million Can...
About this update from Kootenay Silver Inc.
[{"type":"text","content":"\n\n\n\nKootenay closes strategic investment by Eric Sprott for proceeds of $5 million\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, Aug. 22, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Aug. 22, 2019 /CNW/ - Kootenay Silver Inc.  (TSXV: KTN) (the \"Company\" or \"Kootenay\") is pleased to report that it closed its non-brokered private placement financing (the \"Private Placement\") of units (each a \"Unit\") for gross proceeds of $5,000,000 ($0.16 per Unit), announced on August 13, 2019. The entire Private Placement was fully subscribed by Mr. Eric Sprott. \n\n \n \n\n \nEach Unit consists of one common share (\"Common Share\") and one-half of one common share purchase warrant (each whole warrant \"Warrant\"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.22 per share until August 22, 2022. Finder's fees totaling $200,000 in Units were paid to Mackie Research Capital Corporation with 1,250,000 Common Shares issued and 625,000 Warrants. \nMr. Sprott acquired, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, 31,250,000 Units of the Company for $5,000,000 pursuant to the previously announced Private Placement. Prior to the Private Placement, Mr. Sprott beneficially owned or controlled 400,000 Common Shares of the Company. As a result of the Private Placement, Mr. Sprott beneficially owns or controls 31,650,000 Common Shares and 15,625,000 Warrants of the Company representing approximately 11.4% of the issued and outstanding Common Shares on a non-diluted basis and approximately 16.1% of the issued and outstanding Common Shares on a partially diluted basis.\nThe Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through priva...