Business
Victory Metals Announces Closing of Private Placement Financing with Lead Order From Palisades Goldcorp Ltd.
Victory Metals Announces Closing of Private Placement Financing with Lead Order From Pali...
About this update from Nevada King Gold Corp
[{"type":"text","content":"VictoryMetalsPrivPlcm\n \n \n \n Victory Metals Announces Closing of Private Placement Financing with Lead Order From Palisades Goldcorp Ltd.\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Oct. 8, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR\n \n \n DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 8, 2020\n \n /CNW/ -\n \n Victory Metals Inc.\n \n (TSX-V: VMX) (\"\n \n Victory\n \n \" or the \"\n \n Company\n \n \") announces it will be closing a non-brokered private placement financing previously announced on\n \n September 16, 2020\n \n , raising gross proceeds of\n \n $2,000,000\n \n through the issuance of 5,000,000 common shares in the capital of the Company (the \"\n \n Shares\n \n \") at a price of\n \n $0.40\n \n per Share (the \"\n \n Private Placement\n \n \").\n \n \n \n \n \n \n \n \n \n In connection with the Private Placement, cash finder's fees in the total amount of\n \n $6,900.00\n \n payable to eligible finders are applicable. The net proceeds of the Private Placement will be used to advance the Company's Iron Point Vanadium Project and for general working capital purposes.\n \n \n An insider of the Company, Palisades Goldcorp Ltd., is acquiring 2,600,000 shares. The participation by an insider in the Private Placement is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"\n \n MI 61-101\n \n \"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued, nor the consideration being paid exceeds 25% of Victory's market capitalization. The material change report in connection with related party's participation in the Private Placement was not filed 21 days in advance of the closing of the Private Placement for the purposes of Section 5.2(2) of MI 61-101 on the basis that the relevant subscription agreement under ...