Business
White Metal Closes $140,000 Flow-through Private Placement
Thunder Bay, Ontario--(Newsfile Corp. - October 26, 2017) - White Metal Resources Corp. (TSXV...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal Closes $140,000 Flow-through Private PlacementThunder Bay, Ontario--(Newsfile Corp. - October 26, 2017) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce that it has submitted documents to the TSX Venture Exchange (the \"Exchange\") for approval of its previously announced non-brokered flow-through private placement for gross proceeds of $140,000, consisting of 2,800,000 flow through units (\"FT Units\") at a price of $0.05 per FT Unit. Each FT Unit includes one (1) full Common Share Purchase Warrant exercisable at $0.10 for 24 months from the date of issuance.The placement is subject to final acceptance of the TSX Venture Exchange.All securities issued in the placement are subject to a four-month hold period. The proceeds raised from the FT Units will be used to advance the Company's recently acquired Gunners Cove property located 20km north of St. Anthony in Newfoundland, and other Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), with the company using its best efforts to ensure that such Canadian exploration expenses qualify as a flow-through mining expenditure for purposes of the Income Tax Act (Canada), related to the exploration of the company's exploration projects. The financing was effected with two insiders of the Company subscribing for 1,100,000 FT Units on completion of the private placement, for aggregate subscription proceeds of $55,000, that portion of the financing a \"related party transaction\" as such term is defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (\"MI 61-101″). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than the 25% of the Company's market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the fo...