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Bankers Cobalt Corp Announces Closing of Private Placement
VANCOUVER, British Columbia, July 03, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSXV:BANC) (FSE:BC2) (OTCQB:NDENF) (the “Corporation” or “Bankers”) announc
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[{"type":"text","content":" VANCOUVER, British Columbia, July 03, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSXV:BANC) (FSE:BC2) (OTCQB:NDENF) (the “Corporation” or “Bankers”) announces the closing of its previously announced non-brokered private placement of units of the Corporation (the “Units”) for gross proceeds of $1,310,000 (the “Financing”). In connection with the closing of the Financing, Bankers issued 10,916,667 Units at a price of $0.12 per Unit with each Unit comprising of one common share in the capital of the Bankers (the “Shares”) and one-half one common share purchase warrant (the “Warrants”). Each whole Warrant is exercisable into one Share at an exercise price of $0.40 per Share for a period of two years from the date of issuance. The expiry date of each whole Warrant is subject to acceleration such that, should the volume weighted average price of the Shares on the TSX Venture Exchange or another recognized exchange be greater than $0.50 for 20 consecutive trading days at any time after the closing of the Financing, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Corporation. The proceeds from the Financing will be used to fund the exploration and development of the Corporation’s mineral concessions in the Democratic Republic of the Congo (the “DRC”), the acquisition of interests in additional mineral concessions and for general working capital purposes. In connection with the Financing, the Corporation paid cash finders’ fees to certain finders totaling $30,312.00 and granted a total of 252,600 warrants (each, a “Finder’s Warrant”). Each Finder’s Warrant is exercisable into one Share at an exercise price of $0.40 per Share for a period of two years from the date of issuance and subject to acceleration on same terms as the Warrants. A director of the Corporation purchased an aggregate of 400,000 Units and, accordingly, the Financing is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the director is exempt from the formal valuation and minority shareholder approval requirements provided under 61-101 in accordance with sections 5.5(a) and ...