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Spirit Banner Provides Update on Private Placement and Qualifying Transaction
Toronto, Ontario--(Newsfile Corp. - August 4, 2020) -   Spirit Banner Capital Corp . (TSX...
About this update from Osiris One Metals Ltd.
[{"type":"text","content":"Spirit Banner Provides Update on Private Placement and Qualifying TransactionToronto, Ontario--(Newsfile Corp. - August 4, 2020) -  Spirit Banner Capital Corp. (TSXV: SBCC.P) (\"Spirit Banner\" or the \"Corporation\") provides an update on its proposed business combination transaction (the \"Proposed Transaction\") with Ion Energy Ltd. (\"Ion Energy\"), and Ion Energy's non-brokered private placement to be completed in connection with the Proposed Transaction. It is expected the Proposed Transaction will qualify as the Corporation's \"Qualifying Transaction\" under the policies of the TSX Venture Exchange (the \"TSXV\").Ion Energy is pleased to announce that it has received a commitment for a lead order of $1,000,000 in connection with its non-brokered private placement consisting of the issuance of subscription receipts (the \"Subscription Receipts\") offered at $0.30 per Subscription Receipt for minimum aggregate gross proceeds of $1,300,000 and a maximum aggregate gross proceeds of $3,000,000 (the \"Ion Energy Financing\"). The Subscription Receipts will be automatically converted into units (the \"Units\") of Ion Energy upon the satisfaction of all conditions precedent to the Proposed Transaction having occurred.Each Unit will be comprised of one post-consolidation Ion Energy common share ( the \"Ion Energy Private Placement Shares\") and one warrant to purchase one post-consolidation Ion Energy common share ( the \"Ion Energy Private Placement Warrants\") at an exercise price of $0.40 for a period of twenty-four months from the date of issuance. The Ion Energy Private Placement Shares and Ion Energy Private Placement Warrants will be exchanged for equivalent Resulting Issuer securities on a one-to-one basis on completion of the Proposed Transaction.If at any time after four months and one day from the completion of the Proposed Transaction, the common shares of the Resulting Issuer trade at $0.60 per common share or higher (on a volume weighted adjusted basis) for a period of twenty days, the Resulting Issuer will have the right to accelerate the expiry date of the warrants exchanged for the Ion Energy Private Placement Warrants to the date that is thirty days after the Resulting Issuer issues a news release announcing that it has elected to exercise this acceleration right.Assuming completion of the Proposed Transacti...