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Tectonic Metals Announces Extension of Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from Tectonic Metals, Inc.
[{"type":"text","content":"Tectonic Metals Announces Extension of Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / June 13, 2022 / Tectonic Metals Inc. (TSXV:TECT);(OTCQB:TETOF);(FSE:T15B) (the \"Company\" or \"Tectonic\") is pleased to announce that the TSX Venture Exchange (the \"TSX-V\") has granted a 30-day extension to complete its non-brokered private placement financing (the \"Offering\") previously announced on April 25, 2022. The conditional approval period for the Offering will now expire on July 8, 2022.Tectonic closed the first tranche of the Offering on May 30, 2022 for aggregate gross proceeds of C$1,931,140 (see news release here).The OfferingThe TSX-V has granted Tectonic a 30-day extension to complete the Offering, the conditional approval period for which will now expire on July 8, 2022.The terms of the Offering provide for the issuance of up to 50,000,000 units of the Company (the \"Units\") at a price of C$0.06 per Unit, for aggregate gross proceeds of up to C$3,000,000. Each Unit is comprised of one common share in the capital of Tectonic (a \"Common Share\") and one-half common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one Common Share at an exercise price of C$0.10 per Common Share and expire two years from the closing date of the Offering.The net proceeds of the Offering will be used to advance the Company's Tibbs and Seventymile properties and for general working capital.All securities issued under the Offering are subject to a four-month hold period. Additional closings under the Offering are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSXV.This news release does not constitute an offer to sell, solicitation or offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit ...