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Genius Metals Announces Closing of Private Placement
Genius Metals Announces Closing of Private Placement Canada NewsWire MONTR&#x...
About this update from Morocco Strategic Minerals Corporation
[{"type":"text","content":"\n \n \n \n Genius Metals Announces Closing of Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MONTRÉAL\n \n ,\n \n \n Sept. 6, 2023\n \n \n /CNW/ - Genius Metals Inc. (TSXV: GENI) (\"Genius Metals\" or the \"Corporation\") is pleased to announce that it has completed today the closing of the non-brokered private placement previously announces, for total gross proceeds of\n \n $556,500\n \n (the \"Private Placement\").\n \n \n \n \n \n \n \n \n \n Under the Private Placement, the Corporation issued 11,130,000 units (\"Units\"), at a price of\n \n $0.05\n \n per Unit, each consisting of one common share (a \"Common Share\") and one share purchase warrant (a \"Warrant\") in the capital of the Corporation. Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of\n \n $0.10\n \n until\n \n September 6, 2025\n \n .\n \n \n In connection with the Private Placement, the Corporation paid finder's fees in the amount of\n \n $5,600\n \n to certain arm's length third parties who assisted the Corporation by introducing subscribers to the Private Placement.\n \n \n One officer of the Corporation has participated in the Private Placement and were issued 180,000 Units. Such participation in the Private Placement is a \"related party transaction\" as defined in Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (\"Regulation 61-101\"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of the securities issued to insiders nor the consideration for such securities by insiders exceed 25% of the Corporation's market capitalization.\n \n \n The net proceeds of the Private Placement will be used by the Corporation to incur exploration expenses on its mining properties and for general working capital purposes.\n \n \n All securities issued in connection with the Private Placement will be subject to a four-month-and-one-day statutory hol...