Business
Minnova Corp. Announces Closing of First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - February 6, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRD...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Closing of First Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - February 6, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (\"Minnova\" or the \"Company\"), is pleased to announce it has closed the first tranche of its previously announced non-brokered private placement through the issuance of 3,000,000 common shares in the capital of the Company (the \"Common Shares\") at a price of $0.05 per Common Share for gross proceeds of $150,000 (the \"Offering\"). The proceeds of the Offering will be used for work programs related to: a) renewable energy development plans and b) exploration and development programs related to the restart of mining operations at the Company's PL Mine, as well as for general working capital purposes. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as an insider of the Company subscribed for 1,650,000 Common Shares pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (...