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Tectonic Metals Announces Upsize of Non-Brokered Private Placement
Tectonic Metals Announces Upsize of Non-Brokered Private Placement Canada NewsW...
About this update from Tectonic Metals, Inc.
[{"type":"text","content":"\n \n \n \n Tectonic Metals Announces Upsize of Non-Brokered Private Placement\n \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 Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n VANCOUVER, BC\n \n ,\n \n June 15, 2021\n \n /CNW/ -\n \n Tectonic Metals Inc.\n \n (TSXV: TECT) (OTCQB: TETOF) (FSE: T15B) (the \"Company\" or \"Tectonic\") is pleased to announce that, due to strong investor demand for its non-brokered private placement previously announced on\n \n May 10, 2021\n \n , the Company has agreed to increase the size of the offering by up to 40,000,000 units of the Company (\"Units\"), for aggregate gross proceeds of up to\n \n C$7,500,000\n \n (the \"Offering\"). Under the Offering, up to 75,000,000 Units may be issued at a price of\n \n C$0.10\n \n per Unit in the manner previously disclosed.\n \n \n \n \n \n \n \n \n \n \n The Offering\n \n \n Each unit is comprised of one common share of Tectonic and one-half common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant will be exercisable for a common share at an exercise price of\n \n C$0.17\n \n and will expire two years from the closing date of the private placement.\n \n \n The Warrants are subject to an acceleration clause whereby if the volume-weighted average trading price of Tectonic's common shares on the TSX Venture Exchange (the \"TSXV\") is\n \n C$0.30\n \n or greater for a period of twenty (20) consecutive trading days (whether or not trading occurs on all such days), Tectonic has the right to accelerate the expiry date of the Warrants to 30 days from the date of issuance of a news release by Tectonic announcing the accelerated exercise period.\n \n \n The net proceeds of the Offering will be used to advance the Company's Tibbs and Seventymile properties and for general working capital.\n \n \n The Offering is expected to close in mid-June. Closing is subject to the conditional acceptance of the TSXV, ...