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Turnium Technology Group, Inc. Announces Closing of Brokered and Non-Brokered LIFE Offering For Gross Proceeds of C$3 Million
Vancouver, Canada--(Newsfile Corp. - August 3, 2023) - Turnium Technology Group, Inc. ( TSXV: TTG...
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Technology Group, Inc. Announces Closing of Brokered and Non-Brokered LIFE Offering For Gross Proceeds of C$3 MillionVancouver, Canada--(Newsfile Corp. - August 3, 2023) - Turnium Technology Group, Inc. (TSXV: TTGI), (the \"Company\", or \"Turnium\"), is pleased to announce that, further to its news releases dated July 13, 2023, July 24, 2023 and July 31, 2023, the Company has closed a brokered and non-brokered private placement offering (the \"Offering\") of 30,210,000 units of the Company (each, a \"Unit\") at a price of C$0.10 per Unit (the \"Issue Price\") for gross proceeds of C$3,021,000. The Offering was completed pursuant to the Listed Issuer Financing Exemption (as defined herein).Each Unit is comprised of one common share of the Company (a \"Common Share\"), and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.14 per share, subject to adjustment in certain events, until August 3, 2026.The brokered portion of the Offering was led by Canaccord Genuity Corp. (\"Canaccord\"), as lead agent and sole bookrunner. As consideration for its services in connection with the Offering, the Company paid Canaccord a cash commission of C$46,500, issued 539,450 Units and issued an aggregate of 1,004,450 non-transferrable broker warrants of the Company exercisable at any time prior to August 3, 2026, with each such broker warrant entitling the holder thereof to purchase one Unit, at an exercise price equal to the Issue Price, subject to adjustment in certain events. The Offering was made pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (the \"Listed Issuer Financing Exemption\"). The Units, which were all issued under the Listed Issuer Financing Exemption, will not be subject to a hold period in accordance with applicable Canadian securities laws. The Company intends to use the net proceeds of the Offering for the repayment of debt in the aggregate amount of approximately C$2.01 million, and to provide general working capital to support operations.The Company may issue additional Units under the Offering pursuant to the Listed Issuer Financing Exemption for additional proceeds of up to C$479,000. The Company has filed an offering document (the \"Offering Document...