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Genius Metals Completes a Non-Brokered Private Placement of $1 Million and Initiate a Significant Exploration Program on Its Sakami Property (James Bay, Québec)
Genius Metals Completes a Non-Brokered Private Placement of $1 Million and Initiate a Sign...
About this update from Morocco Strategic Minerals Corporation
[{"type":"text","content":"\n\n\n\nGenius Metals Completes a Non-Brokered Private Placement of $1 Million and Initiate a Significant Exploration Program on Its Sakami Property (James Bay, Québec)\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\nCanada NewsWire\nMONTRÉAL, Aug. 6, 2020\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\nCSE:GENI\n MONTRÉAL, Aug. 6, 2020 /CNW/ - Genius Metals Inc. (CSE: GENI) (\"Genius Metals\" or the \"Corporation\") announced the closing of a non-brokered private placement offering (the \"Offering\") for a gross proceeds of $1,000,000 and issued 5,555,555 common share units of the Company (\"Unit Share\") at a price of at a price of $0.18 per Unit.\n\n \n \n \n \n \n \n\n \nEach Unit will consist of one common share of the Company and one common share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.30 per share for a period of 18 months from the date of issuance. \nThe proceeds of the Offering will be used to incur mining expenditures on the Sakami and A-Lake projects and for the working capital of the Corporation.\nIn connection with the Offering, the Company paid an amount of $5,670 as finder's fees to arm's length third parties.\nAny securities issued pursuant to the Offering will be subject to a hold period under applicable securities laws which will expire four months and one day from the date of their issuance.\nTwo directors of the Corporation have participated in the Private Placement and were issued an aggregate of 138,888 Common Share Units. Their participation in the Private Placement constitutes a \"related party transaction\" as defined under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (\"61-101\"). However, such participation is exempt from the valuation and minority shareholder approval requirements of 61-101 based on the fact that neither the fair market value of the Private Placement, nor the consideration paid by such insiders, exceeds 25% of the Corporation...