Vatic Ventures Corp. (TSXV:VCV) is pleased to announce that it has met the requirements to be listed as a TSX Venture Tier 2 Company. Therefore, effective at the open of trading, Monday February 5, 2018, the Company’s listing will transfer from NEX to TSX Venture and the Company’s Tier classification will change from NEX to Tier 2.
Effective at the opening, Monday February 5, 2018, the trading symbol for the Company will change from VCV.H to VCV. The Company is classified as a ‘Mineral Exploration’ company.
The Company is also pleased to announce that, further to its November 16, 2017 release, it has closed its non-brokered private placement financing with gross proceeds of $497,628.30, consisting of 9,952,566 units (“Units”) at a price of $0.05 per Unit. Each Unit includes one (1) full Common Share Purchase Warrant exercisable at $0.10 for 12 months from the date of issuance.
All securities issued in the placement are subject to a four-month hold period. The proceeds raised from the financing will be used to conduct further development on its potash licenses in Thailand held by its subsidiary Saksrithai Development Co. and for working capital purposes.
$52,500 of the Financing is being distributed pursuant to BC Instrument 45-536 with the remainder to be distributed under other exemptions.
Finder’s fees have been paid on the financing in accordance with regulatory policies.
The financing was effected with three insiders of the Company subscribing for 2,300,000 Units on completion of the private placement, for aggregate subscription proceeds of $115,000 that portion of the financing a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101″). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than the 25% of the Company’s market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.
ON BEHALF OF THE BOARD OF DIRECTORS.
Nasim Tyab, Director.
FOR FURTHER INFORMATION PLEASE CONTACT:
ABOUT VATIC VENTURES CORP.
Vatic Ventures Corp (www.vaticventures.com) is a junior exploration company and continues to assess new opportunities and prospects.
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.