In connection with the Offering, the Company paid a total of $594,362.58 and issued a total of 1,049,545 warrants as finder’s fees. Each finder’s warrant is exercisable for one common share at a price of $0.52 for three years.
All securities issued under this private placement are subject to a hold period expiring March 2, 2023, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Certain officers of the Company (the " Insiders ") participated in the Offering and purchased an aggregate of 50,687 flow-through units. Participation by Insiders in the private placement is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider’s participation in the Offering in reliance of sections […]
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