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IM Exploration Announces $800,000 Private Placement of Flow-Through and Non Flow-Through Shares
TORONTO, March 11, 2020 /CNW/ - IM Exploration Inc. (CSE: IM) (the "Company") is pleased to announce a non-brokered private placement of up to 10,000,000 flow t
About this update from Westward Gold Inc
[{"type":"text","content":" TORONTO, March 11, 2020 /CNW/ - IM Exploration Inc. (CSE: IM) (the \"Company\") is pleased to announce a non-brokered private placement of up to 10,000,000 flow through shares (the \"FT Shares\") at a price of $0.06 per FT Share and up to a further 4,000,000 non-flow through shares (the \"NFT Shares\", collective with the FT Shares, the \"Shares\") at a price of $0.05 per NFT Share, so as to raise up to an aggregate of $800,000 (the \"Offering\"). Each FT Share will be designated as a flow-through share pursuant to the Income Tax Act (Canada). The Company has engaged First Republic Capital Corporation as the exclusive lead finder and lead book runner in connection with the Offering. The Company will, upon the closing of the Offering and subject to compliance with all required regulatory approvals: (1) pay to eligible finders cash commissions equal to 10.0% of the gross proceeds of the Offering; and (2) issue to eligible finders that number of finder's warrants (the \"Finder's Warrants\") equal to 10.0% of the aggregate Shares sold pursuant to the Offering. Each Finder's Warrant will be exercisable into one common share of the Company (the \"Finder's Warrant Shares\") at an exercise price of $0.06 per Finder's Warrant Share for the portion attributed to the FT Shares, and $0.05 per common share for the portion attributed to the NFT Shares, for a term of 24 months from issuance. The Company intends to use the gross proceeds from the sale of the FT Shares for exploration activities, and the net proceeds from the sale of the NFT Shares for general working capital purposes. Subject to regulatory approval, the Offering is expected to close on or about March 16, 2020. All securities issued pursuant to the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not con...