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Crown Mining Completes $220,000 Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - March 1, 2017) - Crown Mining Corp., (TSXV: CWM) (" Crown ...
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[{"type":"text","content":"\nCrown Mining Completes $220,000 Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - March 1, 2017) - Crown Mining Corp., (TSXV: CWM) (\"Crown\" or the \"Company\") is pleased to announce that it has completed a non-brokered private placement previously announced on January 31, 2017 (the \"Private Placement\") for aggregate gross proceeds of $220,000. The Private Placement involved the issuance of 2,200,000 units (\"Units\") at a price of $0.10 per Unit for gross proceeds of $220,000. Each Unit consists of one common share in the capital stock the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.20 at any time up to the date that is two years following the date of closing of the Private Placement, subject to an acceleration clause. All securities issued pursuant to this Private Placement will be subject to a four-month hold period. The indirect and direct participation in the Private Placement by insiders of the Company constitutes 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\"). Insiders of the Company acquired directly and indirectly a total of $31,955 worth of Units or 319,550 Units in the Private Placement on the same basis as other participants. The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 based on section 5.5(b) of MI 61-101 as no securities of the Company are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ stock market or any other stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the Plus operated by Plus Markets Group plc. Additionally, the Company is exempt from obtaining minority shareholder approval in connection with the Private Placement by relying on section 5.7(1)(b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from \"interested parties\" as d...