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Target Capital Inc. Announces Closing of Upsized Recapitalization Financing and Appointment of New Management Team
Target Capital Inc. Announces Closing of Upsized Recapitalization Financing and Appointmen...
About this update from Westgate Energy Inc
[{"type":"text","content":"\n\n\n\nTarget Capital Inc. Announces Closing of Upsized Recapitalization Financing and Appointment of New Management Team\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, Dec. 19, 2017\n\n\n\nCALGARY, Dec. 19, 2017 /CNW/ - Target Capital Inc. (\"Target\" or the \"Corporation\") (TSXV: TCI) (CSE: TCI) is pleased to announce that it has received the written consent of a majority of its shareholders to: (i) complete its previously announced non-brokered private placement of $5.0 million (the \"Private Placement\"); and (ii) appoint a new management team and board of directors (collectively, the \"New Management Team\").\n\nPursuant to the Private Placement, Target issued an aggregate of 91,666,675 units (\"Units\") at a price of $0.06 per Unit for aggregate gross proceeds of $5.5 million, representing an upsize of $0.5 million from the previous announcement. Each Unit is comprised of one common share of the Corporation (a \"Common Share\") and, in the case of subscriptions by the New Management Team, one Common Share purchase warrant (a \"Warrant\") and, in the case of all other subscribers, one half of one Warrant.  Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.10 until December 15, 2022.  The Warrants will vest and become exercisable as to one-third upon the 20-day weighted average trading price of the Common Shares (the \"Market Price\") equaling or exceeding $0.12, an additional one-third upon the Market Price equaling or exceeding $0.16 and a final one-third upon the Market Price equaling or exceeding $0.20. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the \"TSXV\") and the Canadian Securities Exchange (the \"CSE\").\n\nTarget is also pleased to announce that, contemporaneous with the closing of the Private Placement, the previously announced appointment of the New Management Team was completed. The New Management Team is led by Sonny Mottahed as President and Chief Executive Officer, Bill Macdonald as Executive Vice President – Corpora...