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Leading Edge Materials Announces Update on Private Placement
Vancouver, August 27, 2024 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) ann
About this update from Leading Edge Materials Corp.
[{"type":"text","content":" Vancouver, August 27, 2024 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) announces that further to its news release of July 15, 2024 regarding the plans to complete a private placement, TSX Venture Exchange has granted the Company a 30 day extension to close the private placement with the new expiry date for closing being September 27, 2024. The Company’s news release dated July 15, 2024 contemplated a non-brokered private placement of up to 45,000,000 units (“Units”) at a price of C$0.10 per Unit for aggregate gross proceeds of up to C$4,500,000 (the “Private Placement”). Each Unit consists of one (1) common share (each, a “Common Share”) in the capital of the Company and one (1) Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share (a “Warrant Share”) at a price of C$0.20 per Warrant Share until the date which is four (4) years from the closing date of the Private Placement (the “Closing Date”). On July 23, 2024 the Company closed the first tranche of the private placement announced previously on July 15, 2024 issuing 34,400,000 common shares at a price of $0.10/share for gross proceeds of CAD$3,440,000. Leading Edge Materials intends to use net proceeds for the Company’s projects, located in Sweden and Romania and for general working capital and corporate purposes. The Company expects certain insiders of the Company to participate in the Private Placement. Any participation by insiders in the Private Placement constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects to rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that neither the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company’s market capitalization as at the date of this news release. The Private Placement is directed towards Canadian, Nordic and other international investors. All securities issued under the Private Placement, including securities issuable on exercise of the Warrants, will be ...