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Tectonic Metals Announces C$6,000,000 Private Placement with Strategic Investment by Crescat Capital To Fund The Inaugural 2023 Drilling of Flat Project
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About this update from Tectonic Metals, Inc.
[{"type":"text","content":"Tectonic Metals Announces C$6,000,000 Private Placement with Strategic Investment by Crescat Capital To Fund The Inaugural 2023 Drilling of Flat ProjectTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / May 10, 2023 / Tectonic Metals Inc. (TSXV:TECT) (\"Tectonic\" or the \"Company\") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the \"LeadAgent\"), pursuant to which the Lead Agent, on behalf of a syndicate of agents (collectively, the \"Agents\") will act as lead agent for the Company on a ‘best efforts' agency basis in connection with a private placement of units (the \"Units\") of the Company at a price of C$0.11 per Unit (the \"Offering Price\") for gross proceeds to the Company of up to C$6,000,000 (the \"Offering\"). The Offering has been structured to take advantage of the LIFE exemption whereby common shares issued pursuant to the exemption will be freely tradeable listed equity securities not subject to any hold period (see below).Tectonic's largest shareholder, Crescat Capital, who currently owns 19.56% of the issued and outstanding Common Shares of Tectonic, will be participating in the Offering pursuant to a pre-emptive right granted to them by Tectonic.Each Unit will consist of one common share in the capital of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share of the Company (a \"Warrant Share\") for a period of 24 months following the closing date of the Offering at an exercise price of C$0.15.The Units to be issued under the Offering will be offered to purchasers pursuant to: (i) the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\") for gross proceeds of up to C$5,000,000 (the \"LIFE Units\"), in all the provinces of Canada, except Québec, and (ii) the accredited investor exemption under NI 45-106 for the balance of the Offering (the \"Hold Units\"). The LIFE Units will not be subject to resale restrictions pursuant to applicable Canadian securities laws. The Hold Units will be subject to a statutory hold period of four months in accordance wi...