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Pitchblack Resources (NEX:PIT.H) has announced its intention to complete a non-brokered private placement financing of up to 1,700,000 common shares at a price of $0.10 for gross proceeds of up to $170,000. As quoted in the press release: Closing of the financing is expected to occur on or about June 10, 2016. The shares to …
Pitchblack Resources (NEX:PIT.H) has announced its intention to complete a non-brokered private placement financing of up to 1,700,000 common shares at a price of $0.10 for gross proceeds of up to $170,000.
As quoted in the press release:
Closing of the financing is expected to occur on or about June 10, 2016. The shares to be issued by Pitchblack will be subject to a statutory hold period of four months and one day. Completion of the financing is subject to a number of conditions including receipt of TSX Venture Exchange approval.
The Company has entered into a settlement agreement in respect of the outstanding litigation against it. As a result, the Company is now without any significant liabilities and is primed to consider potential acquisition opportunities.
Pitchblack intends to use the proceeds of the financing to cover the costs of the litigation and for general corporate purposes.