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Crown Mining Completes Oversubscribed $919,200 Private Placement
Toronto, Ontario--(Newsfile Corp. - February 28, 2018) - Crown Mining Corp., (TSXV: CWM) (" Cr...
About this update from Us Copper Corp
[{"type":"text","content":"Crown Mining Completes Oversubscribed $919,200 Private PlacementToronto, Ontario--(Newsfile Corp. - February 28, 2018) - 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 February 8, 2018 (the \"Private Placement\") for aggregate gross proceeds of $919,200. The Private Placement involved the issuance of 4,596,000 units (\"Units\") at a price of $0.20 per Unit for gross proceeds of $919,200. Each Unit consists of one common share in the capital stock the Company (a \"Common Share\") and one half of one warrant. Each whole warrant will entitle the holder to purchase one Common Share for $0.25 at any time within 2 years after closing subject to an acceleration clause. All securities issued pursuant to this Private Placement will be subject to a four-month hold period. As part of the Private Placement, the Company paid Finders' fees of $28,560 and issued 142,800 Finders' Units to the Finders, with each Finder Unit entitling the holder to purchase one Unit at a price of $0.20 per Unit, exercisable until February 28, 2020. Each Unit consists of one Common Share and one half of one warrant. Each whole warrant will entitle the holder to purchase one Common Share for $0.25 at any time until February 28, 2020, subject to an acceleration clause.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 $25,000 worth of Units or 125,000 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 ...