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Turnium Technology Group, Inc. Provides Update Regarding Previously Announced Brokered LIFE Offering For Up to C$3.5 Million
Vancouver, Canada--(Newsfile Corp. - July 31, 2023) - Turnium Technology Group, Inc. ( TSXV: TT...
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Technology Group, Inc. Provides Update Regarding Previously Announced Brokered LIFE Offering For Up to C$3.5 MillionVancouver, Canada--(Newsfile Corp. - July 31, 2023) - Turnium Technology Group, Inc. (TSXV: TTGI), (the \"Company\", or \"Turnium\"), announces that, further to its news releases dated July 13, 2023 and July 24, 2023, the Company has filed a Second Amended Offering Document (as defined below) with respect to its commercially reasonable efforts private placement basis offering (the \"Offering\") of units of the Company (each, a \"Unit\") under the Listed Issuer Financing Exemption (as defined herein). Under the final terms of the Offering, the Units will be issued at a price of C$0.10 per Unit (the \"Issue Price\") for gross proceeds of a minimum of C$3,000,000 and a maximum of C$3,500,000.In connection with the Offering, as previously announced, the Company has engaged Canaccord Genuity Corp. (\"Canaccord\" or the \"Lead Agent\"), to act as lead agent and sole bookrunner on behalf of a syndicate of agents (collectively, the \"Agents\") to assist the Company in selling the Units on a commercially reasonable efforts private placement basis.Each Unit will consist of one common share of the Company (a \"Common Share\"), and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of C$0.14 per share, subject to adjustment in certain events, for a period of thirty-six months following the closing date of the Offering (the \"Closing Date\").The Company intends to use the net proceeds of the Offering for the repayment of debt in the amount of ~C$2,000,000, and to provide general working capital to support operations.Upon closing of the Offering, the Company shall pay to the Agents: (i) a cash commission equal to up to 7.0% of the aggregate gross proceeds of the Offering payable in cash or Units, or any combination of cash or Units at the option of the Lead Agent; (ii) non-transferrable warrants of the Company exercisable at any time prior to the date that is thirty-six months from the Closing Date to acquire that number of Units equal to 7.0% of the number of Units issued under the Offering, at an exercise price equal to the Issue Price, subject to adjustment in certain events. Subject to compliance with applicable regulatory...