Infinity Minerals Corp. closes oversubscribed Financing
23.06.2014 | FSCwire
Vancouver, British Columbia (FSCwire) - Infinity Minerals Corp (CSE: IFN) announces that it has closed $1,353,500 for its previously announced non-brokered private placement (June 02, 2014 news release) of $1,000,000.Infinity Minerals will issue 6,767,500 common shares at $.20 and 3,383,750 warrants that expire June 24, 2015, with an exercise price of $.30
The Company paid finder fees of $19,600 cash and 49,000 full warrants to PI Financial Corp. and $2,480 in cash and 6,200 full warrants to Canaccord Genuity Corp. The terms of the broker warrants are the same as those of the financing. The Company also announces that it has granted a total of 150,000 incentive stock options to consultants. The grant allows for the exercise of the options at a price of $0.42 up until expiry on June 23, 2017.
All securities issued under the private placement are subject to a statutory hold period expiring on October 24, 2014, in accordance with applicable Canadian securities laws.
Proceeds from the placement will be utilized for final Due Diligence for the previously announced LOI to acquire The Herbal Clone Bank Inc. and Advanced Greenhouse Technologies (June 02, 2014 news release) as well as general working capital. Documentation is proceeding satisfactorily, with the transaction expected to formally close before end of July, 2014.
About The Herbal Clone Bank Inc.
THC Bank, based in Kelowna, B.C., provides a full range of services to licensed producers (LPs) in the medicinal marihuana sector, with the goal of enhancing profit margins and the LP's bottom line. Specific services provided include propagation, direct cultivation and sale of purebred cultivars; cloning; and marihuana strain storage.
About Advanced Greenhouse Technologies
AGT is a wholly owned subsidiary of The Herbal Clone Bank Inc. of Kelowna, BC. AGT is a progressive company focusing on modernizing the production of medicinal marihuana. The founder, Barry Kuypers, is a 40-year veteran horticulturist, with the vision of supplying automated, turnkey growing environments. AGT designs, constructs and implements greenhouses for the rapidly growing medicinal marihuana industry. AGT recently announced a 40,000 sq. foot greenhouse sale valued in excess of $1million and that it has quoted over 1 million square feet. (news release June 12, 2014)
On Behalf of the Company
`Ron Shenton`
Ron Shenton,CEO
DISCLAIMER
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Infinity’s control. Some of these risks and uncertainties may be described in Infinity’s corporate filings (posted at www.sedar.com).
Infinity has no intention or obligation to update or revise any forward looking statements due to new information or events.