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Red Metal Resources Announces Listing Date on the Canadian Securities Exchange, Grant of Stock Options and Closing of Subscription Receipt Offering
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - Red Metal Resources Ltd. (OTC Pink: RMES) (the "Company" or "Red Metal") is pleased to annou
About this update from Red Metal Resources Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - Red Metal Resources Ltd. (OTC Pink: RMES) (the \"Company\" or \"Red Metal\") is pleased to announce that it has obtained final approval from the Canadian Securities Exchange (the \"CSE\") for the listing of its common shares (each, a \"Common Share\") under the ticker symbol \"RMES\". The Common Shares will commence trading on the CSE at market open on November 25, 2021. Red Metal is also pleased to announce that it has closed the previously announced subscription receipt offering for gross proceeds of $969,030 (the \"Offering\"), and delivered the final escrow release notice (the \"Escrow Release Notice\") to Computershare Trust Company of Canada (the \"Subscription Receipt Agent\") pursuant to the terms of the subscription receipt agreement dated June 15, 2021 between the Company and Subscription Receipt Agent confirming that the Company has satisfied all escrow release conditions. In connection with the delivery of the Escrow Release Notice, the escrowed funds held by the Subscription Receipt Agent, less certain commissions and expenses, have been released from escrow to the Company. Effective November 23, 2021 an aggregate of 6,460,872 Subscription Receipts were automatically converted, without any further consideration into 6,460,872 Common Shares and 6,460,872 common share purchase warrants (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase an additional Common Share at a price of CAD$0.30 per Common Share, if exercised during the first year following the date of the Escrow Release Notice, and at a price of CAD$0.60, if exercised during the second year following the date of the Escrow Release Notice. In connection with the closing of the Offering and the delivery of the Escrow Release Notice, the Company paid certain registered investment dealers a total of $34,258 (representing 7% of the gross proceeds raised in the Offering from subscribers introduced to the Company by the finders) and issued 228,389 Warrants to the finders (equal to 7% of the number of subscription receipts sold to subscribers introduced to the Company by the finders). The Company also announces that it has granted stock options today pursuant to the Company's incentive stock option plan to certain directors, officers, management company employees, and cons...