Business
Lithoquest Diamonds Announces Terms for Non-Brokered Private Placement
Not for Distribution to the United States Newswire Services or for Dissemination in the Unit...
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[{"type":"text","content":"Lithoquest Diamonds Announces Terms for Non-Brokered Private PlacementNot for Distribution to the United States Newswire Services or for Dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / February 20, 2020 / Lithoquest Diamonds Inc. (TSXV:LDI) (\"Lithoquest\", or the \"Company\") announces that it will conduct a non-brokered private placement (the \"Offering\"), subject to the approval of the TSX Venture Exchange (the \"Exchange\"), for aggregate gross proceeds of up to $250,000. The Offering will consist of common shares (the \"Shares\") at a price of $0.03 per Share.The Offering will be conducted pursuant to available prospectus exemptions including sales to accredited investors, family members, close friends and business associates of directors and officers of the Company, to purchasers who have obtained suitability advice from a registered investment dealer pursuant to the exemption set out in BC Instrument 45-536 (the \"Investment Dealer Exemption\") and to existing shareholders of the Company pursuant to the exemption set out in British Columbia Securities Commission BC Instrument 45-534 (the \"Existing Shareholder Exemption\").The Offering is not subject to a minimum amount and the maximum offering is 8,333,334 Shares for gross proceeds of $250,000. The gross proceeds of the Offering will be used for general working capital purposes. If the Offering is over-subscribed, subscriptions will be accepted at the discretion of the Company and subject to the approval of the Exchange; therefore, it is possible that a subscriber's subscription may not be accepted by the Company even though it is received within the Offering period unless the Company determines to increase the size of the Offering.The Existing Shareholder Exemption is available to shareholders residing in all Canadian jurisdictions. Shareholders of record of the Company as at February 20, 2020 (the \"Record Date\") are eligible to participate under the Existing Shareholder Exemption. To rely upon the Existing Shareholder Exemption, the subscriber must: a) have been a shareholder of the Company on the Record Date and continue to hold shares of the Company until the date of closing of the Offering, b) be purchasing the Shares as a principal, and c) either may not subscribe for more than $15,000 of securities from the Company in any 12 month period or have ...