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PNG Copper Announces Closings of Private Placement and Debt Settlement
Toronto, Ontario--(Newsfile Corp. - August 17, 2022) - PNG Copper Inc. (CSE: PNGC) ("PNG Copper" or the "Company") is pleased to announce the simultaneous closi
About this update from Loyalist Exploration Limited
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 17, 2022) - PNG Copper Inc. (CSE: PNGC) (\"PNG Copper\" or the \"Company\") is pleased to announce the simultaneous closings of a brokered private placement offering (\"Private Placement\") and settlement of outstanding indebtedness with senior management of the Company (\"Debt Settlement\"). The Company, pursuant to the Private Placement, issued 2,000,000 units for gross proceeds of C$100,000.00. In connection with the closing of the Private Placement, the Company paid a cash fee of C$9,000.00 and issued 200,000 non-transferable broker warrants to its agent, IBK Capital Corp. (\"IBK Capital\"). Each broker warrant is exercisable to acquire a unit at a price of $0.05 per unit for a period of five (5) years from the closing date. Each unit (\"Unit\") consisted of one (1) Class A common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of C$0.07 per Common Share, for a period of five (5) years from the date of issuance. The proceeds of the Private Placement will be used for development of the Keveri Project (Doriri Prospect) and general working capital purposes. The Company, pursuant to the Debt Settlement, issued (i) 500,000 Common Shares at a deemed price of $0.05 per Common Share to settle indebtedness of C$25,000 owed to a senior manager of the Company, and (ii) 6,263,285 Units at a deemed price of $0.05 per Unit to settle indebtedness of C$313,164.27 owed to another senior manager of the Company. The issuance of Units in relation to the Debt Settlement is a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuance of Units is exempt from the requirement to obtain minority approval pursuant to paragraph 5.7(1) a. of MI 61-101, as the Debt Settlement does not exceed fair market value by more than 25% of the market capitalization of the Company. All securities issued and issuable pursuant to the Private Placement and the Debt Settlement will be subject to a hold period of four months and one day from the date of closing. About PNG Copper Inc. PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring...