World News: 23:44 GMT Thursday 6th December 2018. [Q Investments Ltd. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Dec. 06, 2018 (GLOBE NEWSWIRE) -- (the “Company”) is pleased to announce that the Company has closed the initial tranche of its previously announced private placement of units (the "Private Placement"). In this initial tranche, the Company has issued an aggregate of 17,898,766 units (a “Unit”) at a price of $0.30 per Unit for gross proceeds of $5,369,630. Each Unit consists of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Share at a price of $0.65 per Share for a period of two years from the closing date.
The proceeds of the Private Placement will be used to finance further investments by the Company pursuant to its investment mandate and general working capital.
The Company paid commissions to certain finders under the Private Placement consisting of cash and the issuance of finder's warrants. Each finder's warrant entitles the holder to purchase one Share at a price of $0.65 per Share for a period of two years from the closing date.
All shares issued pursuant to the Private Placement will be subject to a hold period expiring four months and a day following the date of issue.
As insiders of the Company have subscribed for Units pursuant to the Private Placement, the issuance of those Units to the insiders (the "Insider Participation") will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation.
ON BEHALF OF THE BOARD
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This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Globe Newswire: 23:44 GMT Thursday 6th December 2018
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