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SLAM raises $181K; Completes property acquisition
SLAM raises $181K; Completes property acquisition Canada NewsWire MIRAMICHI, NB,...
About this update from Slam Exploration Ltd.
[{"type":"text","content":"\n\n\n\nSLAM raises $181K; Completes property acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMIRAMICHI, NB, May 18, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nMIRAMICHI, NB, May 18, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (the \"Company\") announces that further to its news releases dated April 13 and May 4, 2017, the Company has received final approval of the TSX Venture Exchange for the Private Placement for 1,400,000 Units at a price of $0.05 per Unit and 2,020,000 FT Units at a price of $0.055 per FT Unit for gross proceeds of $181,100.  Each Unit is comprised of one common share in the capital of the Company and one Warrant.  Each FT Unit is comprised of one common share in the capital of the Company issued on a \"flow-through\" basis and one Warrant issued on a \"non-flow-through\" basis.  Each Warrant entitles the holder thereof to acquire one non-flow-through common share at a price of $0.10 for a period of 24 months, expiring on May 4, 2019.  The Units and FT Units are subject to a four-month and one day hold period expiring on September 5, 2017.\n\nMichael Taylor and Eugene Beukman, Directors of the Company, subscribed, either directly and/or indirectly, for an aggregate 200,000 FT Units and 400,000 Units, constituting related party transactions pursuant to the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"M1 61-101\").  The Company relied on Section 5.5(a) of MI 61-101 for exemptions from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for exemptions from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transactions did not exceed 25% of the Company's market capitalization.\n\nProceeds received from the Units will be used for general corporate purposes.  Proceeds received from the FT Units will be used to fund exploration on SLAM's gold and base metal projects.  The main f...