Cache Announces Closing of Final Tranche of Private Placement
Cache Exploration Inc. (TSXV:CAY), is pleased to announce, further to its press releases of July 6, 2020, July 23, 2020, July 31, 2020, and August 4, 2020 that it has closed the final tranche of its non-brokered private placement of units (each, a “Unit”) of the Company at a price of $0.07 per Unit
Cache Exploration Inc. (the “Company”, or “Cache”), (TSX-V:CAY), is pleased to announce, further to its press releases of July 6, 2020, July 23, 2020, July 31, 2020, and August 4, 2020 that it has closed the final tranche of its non-brokered private placement of units (each, a “Unit”) of the Company at a price of $0.07 per Unit (the “Private Placement”). At this final closing, the Company issued an aggregate of
5,233,565 Units for gross proceeds of $366,349.55, and together with the first closing, the Company issued an aggregate of 20,000,000 Units for gross proceeds of $1,400,000.
Each Unit consists of one common share and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.15 per share for a period of 24 months. All of the securities issued in connection with the final closing of the Private Placement are subject to a statutory four-month hold expiring on December 14, 2020.
In connection with the final closing of the Private Placement, the Company paid cash finders’ fees in the amount of $5,320 and issued a total of 76,000 finder’s warrants (the “Finder’s Warrants”). The Finder’s warrants have the same terms as the Warrants issued under the Private Placement, but are non-transferable.
The Company intends to use the net proceeds of the Private Placement to fund exploration on the Kiyuk Lake Property, for current liabilities and for general working capital purposes. The Private Placement is subject to final acceptance by the TSX Venture Exchange upon filing of final documentation.
