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Kootenay Silver Announces Closing of $7.0 Million Equity Private Placement
Kootenay Silver Announces Closing of $7.0 Million Equity Private Placement Canada ...
About this update from Kootenay Silver Inc.
[{"type":"text","content":"\n\n\n\nKootenay Silver Announces Closing of $7.0 Million Equity Private Placement\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Aug. 25, 2020\n\n\n\n\n /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n VANCOUVER, BC, Aug. 25, 2020 /CNW/ - Kootenay Silver Inc. (\"Kootenay\" or the \"Company\") (TSXV: KTN), is pleased to announce that it has closed its previously announced private placement of units of securities of the Company (\"Units\") pursuant to which the Company issued 17,500,000 Units at a price of $0.40 per Unit (the \"Offering Price\") for aggregate gross proceeds of approximately $7,000,000 (the \"Offering\"). The Offering was led by Mackie Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate which also included PI Financial Corp. (together, the \"Agents\"). Eric Sprott, through 21764123 Ontario Ltd., participated in the Offering to maintain his proportionate equity interest in the Company by acquiring 2,500,000 Units.\n\n \n \n \n \n \n \n\n \nEach Unit is comprised of one common share of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable to acquire one Common Share at a price of $0.55 per share until August 25, 2022. The securities issued under the Offering are subject to the four month hold period prescribed under Canadian securities laws expiring on December 26, 2020.\nThe Company intends to use the net proceeds from the Offering for exploration and development activities, working capital requirements and other general corporate purposes.\nIn connection with the Offering, the Agents received an aggregate cash fee equal to 6.0% of the gross proceeds from the Offering (other than in respect of certain subscribers on which a cash fee equal to 3.0% was paid). In addition, the Company issued to the Agents 1,050,000 non-transferable broker warrants (the \"Broker Warrants\"). Each Broker Warrant entitles the holder to purchase one Unit at an exe...