Tosca Resources Corp. Announces Close of Subscriptions on its Private Placement
30.04.2015 | FSCwire
Vancouver, British Columbia (FSCwire) - Tosca Resources Corp (CSE:TSQ, FSE:TQ4, OTCBB:TSMNF) announced today that it closed off subscriptions for its March 19, 2015 announced non-brokered private placement. The Company received subscriptions for a total of 4,412,833 units at $.15 cents for gross proceeds of $661,925. Final closing will be subject to receiving approval from the CSE.Each unit consists of one common share and one non-transferrable share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 25 cents in the first calendar year and 35 cents in the second calendar year. Any shares forming part of the units and any shares acquired on exercise of the warrants are subject to restrictions on resale for the usual four month period.
The funds will be used for final due diligence on Tosca’s proposed acquisition of Hatch Interactive Technologies Corp. announced March 19,2015 and for general working capital.
“We are expecting to be able to sign off on the acquisition of Hatch soon”, states Ron Shenton, CEO of Tosca Resources. “If and when completed, this acquisition will give current shareholders an opportunity to be involved with a fast growing Tech Incubator focused on a combination of social media and gaming”.
The acquisition of Hatch Interactive Technologies Corp. by Tosca Resources is subject to CSE Exchange approval and does constitute a change of business.
The Company has agreed to pay aggregate finder’s fees in connection with the placement of $1,840 and issue 12,266 warrants to Canaccord Genuity. Insiders are subscribing for 200,000 units.
About Hatch Interactive Technologies
Hatch Interactive Technologies is one of North America's newest technology incubators, staffed with an award-winning technology team (Need for Speed, Medal of Honor) and a seasoned financial team. Hatch is set to launch a series of interactive technologies and Apps focused on social media and gaming.
On behalf of the Board of Directors,
“Ron Shenton”
President, Tosca Resources Corp
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 Tosca’s control. Some of these risks and uncertainties may be described in Tosca’s corporate filings (posted at www.sedar.com).
The Company has no intention or obligation to update or revise any forward looking statements due to new information or events.