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ZEN Graphene Solutions Ltd. Announces Second Upsize of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from Zentek Ltd.
[{"type":"text","content":"ZEN Graphene Solutions Ltd. Announces Second Upsize of Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.THUNDER BAY, ON / ACCESSWIRE / March 30, 2021 / ZEN Graphene Solutions Ltd. (\"ZEN\" or the \"Company\") (TSXV:ZEN) is pleased to announce, in connection with its previously announced non-brokered private placement (the \"Offering\"), that due to strong demand the Company has increased the size of the Offering to up to 1,600,000 units (the \"Units\") at a price of CDN$2.50 per Unit for gross proceeds of up to CDN$4,000,000. The company will close the private placement registration portal as of 4pm today with all funds to be received by 6pm on Thursday April 1st 2021 except for those closing with Delivery Against Payment (DAP).Each Unit will consist of one common share in the capital of the Company (a \"Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$3.00 per Share for a period of 24 months from the date of issuance, subject to the following acceleration right. If, at any time after the date that is 4 months and one day after the date of issuance of the Warrant, the closing price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above CDN$4.00 per share for a period of 10 consecutive trading days (the \"Triggering Event\"), then the Company may accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event.ZEN management is happy to make the Offering available to investors in reliance on exemptions from the prospectus requirement set out in National Instrument 45-106 - Prospectus Exemptions and to existing shareholders of the Company and to investors who have received investment advice and to existing shareholders of the Company and to investors who have received investment advice in reliance on BC Instrument 45-534 Exemption from prospectus requirement for certain tra...