Business
RJK Explorations Announces Final Closing of Non-Brokered Private Placement
Kirkland Lake, Ontario--(Newsfile Corp. - December 31, 2019) - RJK Explorations Ltd. ( TSXV: R...
About this update from Rjk Explorations Ltd. Class A
[{"type":"text","content":"RJK Explorations Announces Final Closing of Non-Brokered Private PlacementKirkland Lake, Ontario--(Newsfile Corp. - December 31, 2019) - RJK Explorations Ltd. (TSXV: RJX.A) (\"RJK\" or the \"Company\") is pleased to announce that, further to its press releases dated November 13, 2019 and December 23, 2019, it has closed the final tranche of the non-brokered private placement offering (the \"Class C Offering\") of units (\"Units\"). Pursuant to this final closing, the Company raised a total of $300,000 from the issuance of 2,400,000 Units of the Company at a price of $0.125 per Unit (the \"Final Closing\"), which, when combined with the $700,000 in proceeds from the initial closing on December 23, 2019, completes the maximum offering of Units raising $1,000,000.Each Unit consists of one convertible Series 1 Class C Preference Share (a \"Royalty Share\"), and one share purchase warrant (a \"Warrant\") exercisable for one Class A Subordinate Voting Share of the Company (a \"Class A Share\"). The purchasers of the Units (the \"Royalty Share Purchasers\") have all entered into an agreement with the Company dated effective as of the initial Closing (the \"Royalty Shareholders Agreement\") pursuant to which the Company has granted the Royalty Share Purchasers the option to purchase a 2.5% gross overriding royalty on the Company's Bishop claims subject to the publication by the Company of a \"bankable\" feasibility study on the Bishop claims. Pursuant to the terms of the Royalty Shares and the Royalty Shareholders Agreement, the Royalty Shares include a voluntary conversion right with 25% of each Royalty Share Purchaser's Royalty Shares being convertible into Class A Shares beginning on June 23, 2020, an additional 25% being convertible into Class A Shares beginning on December 23, 2020, an additional 25% being convertible into Class A Shares beginning June 23, 2021 and the remaining 25% being convertible into Class A Shares beginning December 23, 2021. The voluntary conversion period for all Royalty Shares ends on December 23, 2024. Each Royalty Share shall be a voting share. Each Warrant issued on the Final Closing entitles the holder to acquire one Class A Share at an exercise price of $0.20 until December 31, 2020. The term of the Warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.25 ce...