Business
Minnova Corp. Announces Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - July 20, 2022) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRD...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - July 20, 2022) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (\"Minnova\" or the \"Company\"), is pleased to announce a non-brokered private placement of up to 10,000,000 units (each, a \"Unit\") at a price of $0.035 per Unit for aggregate gross proceeds of up to $350,000 (the \"Offering\"). Each Unit shall be comprised of one common share (each, a \"Common Share\") in the capital of the Company and one-half of one whole Common Share purchase warrant (each whole warrant, a \"Warrant\") of the Company. Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a \"Warrant Share\") at an exercise price of $0.07 per Warrant Share for a period of twenty-four (24) months from the date of issuance provided, however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed CDN$0.15 for 20 consecutive trading days at any time following the date that is four months and one day after the closing date, the Company may accelerate the Warrant Term (the \"Reduced Warrant Term\") such that the 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 Term.The Company may pay certain eligible persons (the \"Finders\") a cash commission equal to 7% of the gross proceeds of the Offering and broker warrants (each, a \"Broker Warrant\") equal to 7% of the number of Units issued pursuant to the Offering. Each Broker Warrant shall entitle the holder thereof to acquire one Common Share at a price of $0.10 per Common Share for a period of two (2) years from the closing of the Offering.The proceeds from the Offering will be used for the development of a biomass gasification demonstration unit and other work programs related to: a) Minnova Renewable Energy development plans and b) the Company's PL Mine, including; permitting, resource expansion and exploration drill program planning, as well as for general working capital purposes. There are no proposed payments to Non-Arm's Length Parties of the Company, and no proposed payments to persons conducting investor relations activities.All s...