Goldplay Exploration Ltd. (Goldplay) has closed the final tranche of its non-brokered private placement (the offering) previously announced on 19 November 2018 and has issued 1 244 166 units for gross proceeds of CAN$273 716.52. Total gross proceeds raised under all tranches of this offering was CAN$1 499 960.
In connection with this 2nd tranche closing, the company paid finder's fees totlling CAN$1980 cash and issued a total of 9000 finder's warrants. Each finder's warrant is exercisable for one common share at a price of CAN$0.25/share for two years, provided that after the four month hold period expires, if for 10 consecutive days the closing price of the company's shares on the TSX-V exceeds US$0.65, then the company may anytime thereafter accelerate the expiry date of the Warrants to the date that is 10 days following the date on which the company issues notice of the new expiry date.
All securities issued under this private placement are subject to a four month and one day hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Marcio Fonseca, the company's President and CEO and Trevor Woolfe, the company's Vice-President of Corporate Development & Exploration, purchased 56 524 units and 136 364 units for total proceeds of CAN$12 457.28 and CAN$30 000.08 respectively. Fonseca's and Woolfe's participation in this private placement is considered a related party transaction subject to TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the value of securities purchased by Fonseca and Woolfe under this financing did not exceed 25% of the fair market value of the company's market capitalisation.
Read the article online at: https://www.globalminingreview.com/finance-business/13122018/goldplay-finalises-private-placement/