Business
Walker Announces Private Placement and Drill Program
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2018) - Walker River Resources Co...
About this update from Walker River Resources Corp.
[{"type":"text","content":"Walker Announces Private Placement and Drill ProgramVancouver, British Columbia--(Newsfile Corp. - November 5, 2018) - Walker River Resources Corp. (TSXV: \"WRR\") (\"Walker\" or the \"Company\") announces it has arranged a non-brokered private placement of up to 14,000,000 units (the \"Units\", and each a \"Unit\") at a price of $0.05 per Unit to raise aggregate proceeds of up to $700,000 (the \"Private Placement\"). The Company has completed the first tranche of the Private Placement raising gross proceeds of $185,500.00 from the issuance of an aggregate 3,710,000 Units. Each Unit shall consist of one common share (a \"Share\") and one Share purchase warrant (the \"Warrant\"), whereby each Warrant shall be exercisable into one Share for a period of two (2) years from closing at a price of $0.10 per Share. An insider of the Company, Michel David, acquired 620,000 Units directly. The participation by an insider in the Private Placement is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of Walker's market capitalization. The material change report in connection with the Private Placement was not filed 21 days in advance of the closing of the first tranche of the Private Placement for the purposes of Section 5.2(2) of MI 61-101 on the basis that the Subscription Agreement under the Private Placement was not available to the Company until shortly before closing.Proceeds of the Private Placement will be used for work on the Company's mineral properties and general working capital.The Company may pay finders' fees in respect of subscriptions from investors introduced by finders. Finders' fees shall be payable in cash and Warrants equal to 8% of the Units sold to investors introduced by finders. The Company has paid $4760.00 cash in commissions on the first tranche of the private placement, and issued 95,200 non-transferable finders' warrants, each entitling its holder to acquire one common share at $0.10 for a two (2) period after closing of the private placement. All securities to be issued in connection with the Private Placement shall be subject to...