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SolidusGold Announces Non-Brokered Private Placement of Subscription Receipts and Updates to the Information Circular Dated May 13, 2022 for Proposed Reverse Takeover Transaction
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2022) - SolidusGold Inc. (TSXV: SDC) (...
About this update from Valhalla Metals Inc.
[{"type":"text","content":"SolidusGold Announces Non-Brokered Private Placement of Subscription Receipts and Updates to the Information Circular Dated May 13, 2022 for Proposed Reverse Takeover TransactionVancouver, British Columbia--(Newsfile Corp. - June 20, 2022) - SolidusGold Inc. (TSXV: SDC) (\"Solidus\" or the \"Company\") is announcing an update to its information circular dated May 13, 2022 (the \"Circular\") in connection with the proposed reverse takeover transaction (the \"Proposed Transaction\") with Valhalla Metals, Inc. (\"Valhalla\") for an upcoming meeting of the Company's shareholders to be held on June 21, 2022 (the \"Meeting\"). The Circular was filed on May 18, 2022 and can be found under the Company's SEDAR profile at www.sedar.com.In the Circular, the Company disclosed that, by the closing date of the Proposed Transaction, it intended to complete a \"best efforts\" brokered private placement financing of subscription receipts (\"Subscription Receipts\") for gross proceeds of up to $10,000,000 (the \"Brokered Subscription Receipt Placement\"). This will not be undertaken. Instead, the Company will be conducting a non-brokered private placement of a minimum of 4,000,000 Subscription Receipts at a price of $0.50 per Subscription Receipt, on a post five-to-one consolidation basis, for minimum gross proceeds of up to $2 million (the \"Non-Brokered Offering\"). The maximum number of Subscription Receipts to be offered will be for gross proceeds of $10 million.The Subscription Receipts will be offered for sale to qualified investors through a special purpose vehicle (the \"Finco\"), established for the purpose of completing the Non-Brokered Offering, on a private placement basis pursuant to available exemptions from the prospectus requirements of applicable securities laws. The Subscription Receipts are proposed to be exchanged, upon the satisfaction of certain conditions, for common shares of the Finco, which shares will then be exchanged for Subordinate Voting Shares (as defined herein) on a one-for-one basis. The closing of the Non-Brokered Offering is expected to occur on or before July 31, 2022, and is subject to the completion of formal documentation and receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. The net proceeds from the Non-Brokered Offering will be used for exploration of the...