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Spirit Banner Provides Update on Qualifying Transaction and Private Placement
Toronto, Ontario--(Newsfile Corp. - January 30, 2020) - Spirit Banner Capital Corp . (TSXV: S...
About this update from Osiris One Metals Ltd.
[{"type":"text","content":"Spirit Banner Provides Update on Qualifying Transaction and Private PlacementToronto, Ontario--(Newsfile Corp. - January 30, 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. As previously announced on August 20, 2019 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 FinancingFurther to the announcements on November 18, 2019, and December 19, 2019, Ion Energy is conducting a non-brokered private placement consisting of the issuance of a minimum of 6,666,666 subscription receipts (the \"Subscription Receipts\") offered at $0.30 per Subscription Receipt, for minimum aggregate gross proceeds of $2,000,000 (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, including the common shares of the resulting issuer (the \"Resulting Issuer\") being conditionally approved for listing by the TSXV. 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. Ion Energy has amended the exercise price of the Ion Energy Private Placement Warrants comprising the Units from $0.50 (as announced on December 19, 2019) to the amended exercise price of $0.40 per one-post consolidation Ion Energy Private Placement Share. 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 (o...