Business
SLAM Raises $235,000 in First Tranche
SLAM Raises $235,000 in First Tranche Canada NewsWire MIRAMICHI, NB, Dec. 28, 20...
About this update from Slam Exploration Ltd.
[{"type":"text","content":"\n\n\n\nSLAM Raises $235,000 in First Tranche\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMIRAMICHI, NB, Dec. 28, 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, Dec. 28, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (the \"Company\") announces it has closed the first tranche of the $650,000 private placement announced December 12, 2017. The Company sold 4,700,000 flow-through units (the \"FT Units\") to raise $235,000. An additional 3,500,000 Units (the \"Units\") and 4,800,000 FT Units remain available for placement to raise additional funds up to $415,000. The Company expects to close the second tranche on or about January 10, 2018.\n\nEach Unit is priced at $0.05 and comprised of one common share in the capital of the Company and one common share purchase warrant. Each FT Unit is priced at $0.05 and comprised of one common share in the capital of the Company issued on a \"flow-through\" basis and one-half of one common share purchase warrant issued on a non-flow-through basis (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of $0.055 for a period of 36 months from the date of issuance. The 2,350,000 Warrants issued in the first tranche will expire December 28, 2020. The Units and FT Units are subject to a four-month and one day hold period from the date of issuance.\n\nThe Company is paying a finders fee of $16,000 cash plus 160,000 broker warrants and 160,000 compensation shares to an Agent in connection with the first tranche. The broker warrants are issued with the same terms as the Warrants described above. The Company has agreed with the Agent to pay 320,000 shares in lieu of the $16,000 cash finders fee.\n\nThe Company may pay additional finders fees in accordance with the rules and policies of the TSXV in the second tranche. There may be Insider participation for which a finder's fee will not be paid.  The pri...