Business
Southern Empire Closes Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / December 2, 2021 / Southern Empire Resources Corp. ("Southern E...
About this update from Southern Empire Resources Corp
[{"type":"text","content":"Southern Empire Closes Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / December 2, 2021 / Southern Empire Resources Corp. (\"Southern Empire\") (TSXV:SMP)(OTC PINK:SMPEF)(Frankfurt:5RE) is pleased to announce it has closed its previously announced non-brokered private placement financing by issuing 10,000,000 units of Southern Empire (each a \"Unit\") at a price of $0.10 per Unit for gross proceeds of $1,000,000 (the \"Offering\").Each Unit consists of one common share of Southern Empire (a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"), with each Warrant entitling the holder to purchase one additional Common Share for a period of three years from the date of issue at an exercise price of $0.15 per Common Share.Certain directors and insiders of Southern Empire acquired 2,146,000 Units pursuant to the Offering (the \"Insider Participation\"). Dale Wallster, CEO of Southern Empire stated: \"We are very pleased that all insiders, directors and officers of Southern Empire participated in this raise, which will allow us to drill the Pedro epithermal gold targets and advance exploration of our Oro Cruz Project without having to generate cash through the sale of our marketable securities portfolio.\"The Insider Participation is a \"related party transaction\" as defined in the Canadian Securities Administrators' Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.All securities issued pursuant to the Offering are subject to restrictions on resale until March 30, 2022.The proceeds of the Offering will be used for exploration programs on Southern Empire's mineral properties, and for general working capital purposes.Subsequent to the Offering, Southern Empire will have 60,906,800 Common Shares issued and outstanding.The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.Qualifi...