Business
KWG Resources Announces Closing of First Tranche of Its Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - February 14, 2025) - KWG Resources Inc. (CSE: CACR) (CSE: CACR.A), which carries on business as The Canadian Chrome Company
About this update from Canadian Chrome Company Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - February 14, 2025) - KWG Resources Inc. (CSE: CACR) (CSE: CACR.A), which carries on business as The Canadian Chrome Company (\"CCC\", \"KWG\" or the \"Company\") is pleased to announce the closing today of the first tranche of its previously announced private placement (the \"Private Placement\") of up to 4,807,692 units (each a \"Unit\") at a price of $1.04 per Unit for aggregate proceeds of up to $5,000,000 (see the Company's news release dated February 6, 2025). This first tranche was comprised of an aggregate of 211,552 Units issued for aggregate proceeds of $220,014. Each Unit is comprised of one (1) CACR.A multiple-voting share and one (1) share purchase warrant enabling its holder to acquire one further CACR.A multiple-voting share from treasury upon payment of an exercise price of $1.30 at any time on or before the earlier of (i) February 14, 2030 or (ii) two (2) business days after completion of a take-over bid or a merger, amalgamation, arrangement or other form of business combination as a result of which the shareholders of the Company immediately prior to such bid or business combination do not own a majority of votes attaching to the voting securities of the Company or of the resulting issuer or do not have the power to elect a majority of the directors of the Company or of the resulting issuer, as the case may be, after completion of such bid or business combination. The following officer and director of the Company (the \"Insider\") participated in the Private Placement for an aggregate of 43,461 Units representing the equivalent of 0.37% of the Company's issued and outstanding multiple voting shares (calculated on the basis of conversion of the subordinate voting shares into multiple voting shares on a ratio of 100:1) on a partly diluted basis following closing of the Private Placement: Name and Position with the Corporation No. of Multiple Voting Shares held (and %) prior to Private Placement No. of Multiple Voting Shares issued under the Private Placement and issuable upon exercise of warrants (and %) No. of Multiple Voting Shares held (and % ) following completion of Private Placement Donald SheldonDirector and Officer 180,491(0.79%) 86,922(20.54%) 223,952(0.97%) The Company paid finder's fees of 5% of the aggregate amount subscribed for by subscribers referred to th...