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Manning Ventures Announces Closing of Non-Brokered Private Placement, Update to Proposed Acquisition of Quebec Mineral Claims and Appointment of New Executive Chairman of the Board
Vancouver, British Columbia - TheNewswire - November 3, 2023 - Manning Ventures Inc. (“Manning” or the “Company”) (CSE: MANN, Frankfurt: 1H5) is pleased to anno
About this update from Manning Ventures Inc
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - November 3, 2023 - Manning Ventures Inc. (“Manning” or the “Company”) (CSE: MANN, Frankfurt: 1H5) is pleased to announce that further to its news release dated October 17, 2023, the Company has increased the size of its previously announced non-brokered private placement of units of the Company (“Units”) at a price of $0.09 per Unit (the “Offering”), from up to $1,000,000 to $1,019,044.89 and has subsequently closed the Offering. Pursuant to the Offering, the Company issued an aggregate of 11,322,721 Units for aggregate gross proceeds of $1,019,044.89. Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Share”) and one (1) Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Share (each, a “Warrant Share”) at an exercise price of $0.12 per Warrant Share, for a period expiring on the date that is twelve (12) months from the date of issuance. The Company paid to certain arm’s length finders (each, a “Finder”) a cash fee in the aggregate amount of $30,785.65 and issued to the Finders an aggregate of 342,063 Share purchase warrants (each, a “Finder’s Warrant”), representing 7.0% of the proceeds raised from those purchasers introduced by such Finder and 7.0% of the total number of Units sold to investors introduced by such Finder, respectively. Each Finder’s Warrant entitles the holder thereof to acquire one (1) Share (each, a “Finder’s Warrant Share”) at a price of $0.12 per Finder’s Warrant Share, for a period expiring on the date that is twelve (12) months from the date of issuance. The Company intends to use the proceeds from the Offering for general working capital purposes, including, but not limited to, the Company’s resource projects (the Newfoundland Lithium Project and the Copper Project in Ontario). Certain insiders of the Company participated in the Offering and subscribed for an aggregate of 3,861,110 Units for gross proceeds of $347,499.90 (the “Insider Subscriptions”). The Insider Subscriptions constitute “related party transactions” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a...