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Cassowary Announces $1.7 Million Closing of Non-Brokered Private Placement in Connection with Proposed Qualifying Transaction to Become Gold Exploration Company
Cassowary Announces $1.7 Million Closing of Non-Brokered Private Placement in Connection w...
About this update from Western Gold Exploration Ltd.
[{"type":"text","content":"\n\n\n\nCassowary Announces $1.7 Million Closing of Non-Brokered Private Placement in Connection with Proposed Qualifying Transaction to Become Gold Exploration Company\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, AB, Aug. 21, 2020\n\n\n\n/NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS./\n CALGARY, AB, Aug. 21, 2020 /CNW/ - Cassowary Capital Corporation Limited (TSXV: BIRD.P) (\"BIRD\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Private Placement\") offering of subscription receipts of the Company (the \"Subscription Receipts\"), representing an aggregate of 11,333,333 Subscription Receipts for gross proceeds of CAD$1.7 million. Each Subscription Receipt has been issued at a price of CAD$0.15.\nThe Private Placement is being completed in conjunction with the previously announced proposed \"Qualifying Transaction\" (the \"Transaction\") pursuant to the policies of the TSX Venture Exchange (the \"Exchange\"), with the result that the Company will acquire Western Gold Exploration Limited (\"WGE\"). Upon completion of the Transaction, the combined entity (the \"Resulting Issuer\") will continue the business of WGE and initially will be engaged in the exploration and development of prospective mineral properties located in Scotland, with a focus on gold and copper exploration and development.\nEach Subscription Receipt will, upon satisfaction of certain escrow release conditions, automatically convert, without any further action or further consideration from the Subscription Receipt holder, into one (1) common share of BIRD and, immediately thereafter, upon completion of the Transaction, will be subject to Consolidation (assuming the Consolidation is approved by BIRD shareholders as described below). If the escrow release conditions are not satisfied by 4:00 pm (Calgary time) on November 30, 2020 (unless otherwise extended in accordanc...