Business
SiQ Mountain Industries Inc. Announces Closing of Non-Brokered Private Placement
(TheNewswire) Vancouver, British Columbia - TheNewswire - September 6, 2023 - SiQ...
About this update from Siq Mountain Industries Inc
[{"type":"text","content":"SiQ Mountain Industries Inc. Announces Closing of Non-Brokered Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n September 6, 2023 -\n \n SiQ Mountain\nIndustries Inc. (\n \n NEX:SIQ.H\n \n )\n(the “\n \n Company\n \n ” or “\n \n SiQ\n \n ”) is pleased to announce that\nthe previously announced non-brokered private placement (see the\nCompany’s news release dated August 15, 2023) (the “Private\nPlacement”) has closed on 4,000,000 common shares at a price of\n$0.05 per share.\n \n \n In connection with the closing of the Private Placement the Company\npaid Canaccord Genuity Corp. $3,200.00 in cash as a finder’s fee.\n \n \n The net proceeds of the Private Placement will primarily be used to\nfund a new strategic business plan as well as for general corporate\nand working capital purposes.\n \n \n All common shares issued under the Private Placement will be subject\nto a hold period expiring on January 7, 2024 in accordance with\napplicable Canadian securities laws.\n \n \n In connection with the Private Placement, the Company issued common\nshares to persons that are directors or senior officers of the\nCompany\n \n \n .  The Company has determined\nthat exemptions from the various requirements of TSX Venture Exchange\nPolicy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”) are\navailable for the issuance of the common shares to these related\nparties. The Company relied on Section 5.5(c) of MI 61-101 for an\nexemption from the formal valuation requirement on the basis that the\ntransaction was a distribution of securities for cash, and Section\n5.7(1)(b) of MI 61-101 for an exemption from the minority approval\nrequirement as the fair market value of the transaction was not more\nthan $2,500,000.\n \n \n On behalf of the Board of Directors,\n \n \n James R. Bond, CEO and President\n \n \n \n Cautionary Note Regarding\nForward-Looking Statements\n \n \n \n Forward-looking statements contained in this news release include\nstatements regarding the closing of the Private Placement (including\nreceipt of all required regulatory approvals), the number of Common\nShares sold pursuant to the Private Placement, the insider\nparticipation in the Private Placement and ...