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Vatic Ventures Corp. (TSXV:VCV) is pleased to announce that it has received approval from the TSX Venture Exchange (the “Exchange”) to close its private ,231 units (“Units”) at a price of $ 0.065 per unit. Each unit consists of one (1) common share of the Company and one (1) full Common Share Purchase Warrant exercisable at $ 0.10 for 24 months from date of issuance. All securities issued in the placement are subject to a four-month hold period, such hold period to expire September 8, 2018
Vatic Ventures Corp. (TSXV:VCV) is pleased to announce that it has received approval from the TSX Venture Exchange (the “Exchange”) to close its private ,231 units (“Units”) at a price of $ 0.065 per unit. Each unit consists of one (1) common share of the Company and one (1) full Common Share Purchase Warrant exercisable at $ 0.10 for 24 months from date of issuance. All securities issued in the placement are subject to a four-month hold period, such hold period to expire September 8, 2018
The Placement was effected with 5 insiders of the Company subscribing for 2,710,623 Units for aggregate subscription proceeds of $176,190.50, 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 t he 25% of the Company’s market capitalization. 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.
The funds from the placement will be used to conduct further development of the Company’s potash licenses in Thailand he ld by the Company’s subsidiary Saksrithai Development Co. Ltd. And for working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS.
Nasim Tyab, Director.
ABOUT VATIC VENTURES CORP. Vatic Ventures Corp (www.vaticventures.com) is a junior exploration company exploring and developing potash licenses in Thailand.
“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.
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Source: www.stockwatch.com