Business
Phenom Announces $1.24M Closing of Over-Subscribed Non-Brokered Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - June 21, 2024) - Phenom Resources Corp. (TSXV: PH...
About this update from Phenom Resources Corp
[{"type":"text","content":"Phenom Announces $1.24M Closing of Over-Subscribed Non-Brokered Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - June 21, 2024) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) (\"Phenom\" or the \"Company\") announces that it has closed its over-subscribed non-brokered private placement (the \"Offering\") previously announced on June 10, 2024. The Company has issued 2,750,000 units (the \"Units\") at a price of $0.45/Unit for gross proceeds of $1,237,500. In connection with the Offering, the Company paid a total of $6,300.00 as finder's fees. Each Unit comprises one common share in the capital of the Company (\"Share\") and one transferable Share purchase warrant of the Company (\"Warrant\"), whereby each Warrant entitles the holder thereof to purchase one additional Share (\"Warrant Share\") at an exercise price of $0.65 at any time before 5:00 p.m. (Vancouver time) on June 22, 2027, being the third anniversary of the date of issuance.All securities issued under the Offering are subject to a hold period expiring October 22, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.In addition, further to its press release of May 22, 2024, the Company has made its initial option payment with respect to the King Solomon Gold Project, which includes the issuance of 75,000 common shares to the property owner. These shares are subject to a hold period expiring October 15, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Company also wishes to correct its previous disclosure regarding the option purchase price for this property and advises that in order to fully exercise its option and acquire the property, over a four-year period, the Company will issue 75,000 shares of the Company and pay an aggregate of US$157,500 (not US$150,000 as previously disclosed). All other terms of the agreement remain as disclosed in the May 22, 2024 news release.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the \"1933 Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. P...