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Windfall Geotek Announces Closing of a Strategic Financing of $3.5M to Accelerate Eagle Eye(tm) Goto Market for Battery Metals and UXO Detection
(TheNewswire) DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES ...
About this update from Windfall Geotek Inc.
[{"type":"text","content":"Windfall Geotek Announces Closing of a Strategic Financing of $3.5M to Accelerate Eagle Eye(tm) Goto Market for Battery Metals and UXO Detection\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED\nHEREIN\n \n \n \n Brossard, Quebec - The Newswire - March 18, 2021- Windfall Geotek\n(TSXV:WIN\n \n ) (\n \n OTC:WINKF\n \n )\n(\n \n FSE:L7C2) (“Windfall” or the “Company”) a mining\ntechnology company and a leader in the use of Artificial Intelligence\n(AI) and advanced knowledge-extraction techniques since 2005 in the\nmining sector, is pleased to announce the closing of a previously\nannounced strategic non-brokered financing of $3.5M with lead orders\nfrom\n \n ThreeD Capital (CSE:IDK, OTCQB:IDKF)\n \n and\nDraganfly (CSE: DFLY) (OTCQB: DFLYF) (FSE: 3U8).\n \n \n The issuance is for 10,000,000 units at a price of $0.35 per unit\ncomprised of one common share and one common share purchase warrant.\nEach common share purchase warrant entitles the holder to purchase one\ncommon share of the Company for the price of $0.50 per common share\nfor a period of 24 months following the closing of the Offering. The\nproceeds will be used to continue the R&D for\n \n land\nmines and unexploded ordinance (UXO)\n \n detection application as\nwell as speed up the goto market for the EagleEye™ technology in the\nmining sector including building a dedicated team for the new\napplication and the opening of a Toronto office.\n \n \n Insiders of Windfall subscribed for a total of 1,404,986 Units for\ntotal gross proceeds of $491,745. Participation by insiders\nconstitutes a related party transaction as defined under Multilateral\nInstrument 61-101. The issuance of securities to such related parties\nis exempt from the formal valuation requirements of Section 5.4 of MI\n61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the\nminority shareholder approval requirements of Section 5.6 of MI 61-101\npursuant to Subsection 5.7(b) of MI 61-101 as the purchase of\nsecurities does not exceed 25% of the Company’s market\ncapitalization. The Company is relying on exemptions from the formal\nvaluation and minority shareholder approval requirements provided\nunder sections 5.5(a) and 5.7(1)(a) of Multilateral Inst...