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Visionary Metals Corp. Announces Closing of First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2023) - Visionary Metals Corp. (TSXV...
About this update from Visionary Metals Corp
[{"type":"text","content":"Visionary Metals Corp. Announces Closing of First Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 22, 2023) - Visionary Metals Corp. (TSXV: VIZ) (\"Visionary\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement (the \"Offering\"), issuing 13,004,750 units of the Company (each, a \"Unit\") at a price of $0.08 per Unit (the \"Offering Price\") for aggregate gross proceeds of $1,040,380.00.Each Unit is comprised of one common share of the Company (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one common share of the Company (each, a \"Warrant Share\") at a price of $0.12 (the \"Exercise Price\") for a period of 36 months from the closing date of the Offering. The net proceeds from the Offering will be used to fund the Company's 2023 exploration program and for general working capital purposes. The Company will provide additional information regarding closing of a second tranche once available. The closing of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the \"TSXV\"). The Unit Shares, Warrants, and Warrant Shares will be subject to a hold period of four months and one day in accordance with applicable securities laws.Additionally, the TSXV has consented to the extension of the closing deadline for the Offering pursuant to the policies of the TSXV until October 16, 2023.In the First Tranche, Wes Adams, Visionary's Chief Executive Officer and a director, subscribed for 986,000 Units, James Stuckert, a holder of greater than 10% of the common shares of the Company, subscribed for 6,750,000 Units and Darren Lindsay, a director of the Company, subscribed for 300,000 Units pursuant to the terms of the Offering. The subscriptions of Mr. Adams, Mr. Stuckert and Mr. Lindsay each constitute a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) a...