Business
Minnova Corp. Announces Closing of Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - July 16, 2020) - Minnova Corp. (TSXV: MCI) (OTC: AGRDF), (...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Closing of Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - July 16, 2020) - Minnova Corp. (TSXV: MCI) (OTC: AGRDF), (\"Minnova\" or the \"Company\"), announces that further to its press release of June 19, 2020, the Company is pleased to announce the closing of a non-brokered private placement of flow-through units (each, a \"FT Unit\") through the issuance of 4,275,000 FT Units at a price of $0.20 per FT Unit for gross proceeds of $855,000 (the \"Offering\"). Each FT Unit consists of one common share of the Company issued on a flow-through basis (each, a \"FT Common Share\") and one-half of a common share purchase warrant (each whole warrant, a \"FT Warrant\"). Each FT Warrant entitles the holder to purchase one common share in the capital of the Company (each, a \"Common Share\") at an exercise price of $0.25 for until July 16, 2022 (the \"FT Warrant Term\"), provided, however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange (the \"TSXV\") (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed $0.375 for 20 consecutive trading days at any time following the date that is four months and one day after the date of issuance, the Company may accelerate the FT Warrant Term such that the FT Warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the reduced warrant terms. The FT Common Shares will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) and will be used by the Company to incur eligible \"Canadian exploration expenses\" on the Company's mineral properties that will qualify as \"flow-through mining expenditures\" (as defined in the Income Tax Act (Canada)).In connection with the Offering, the Company paid certain eligible persons (each, a \"Finder\"): (i) a cash commission in the aggregate of $34,250, being equal to 7% of the gross proceeds of the Offering for the purchasers introduced to the Company by such Finder; and (ii) an aggregate of 274,000 broker warrants (each, a \"Broker Warrant\"). Each Broker Warrant is exercisable into Common Shares at a price of $0.25 per Common Share upon the same terms as the FT Warrants. The Closing of the Offering is subject to ...