Voltaic Minerals Corp. Announces Closing of First Tranche of Financing
11.05.2016 | FSCwire
Vancouver - Voltaic Minerals Corp. (TSXV: VLT, FSE: 2P6) (the “Company”) is pleased to announce that, further to its News Release of February 18, 2016, it has completed the first tranche of its private placement financing (the “Financing”) pursuant to which it sold an aggregate of 10,619,000 units (each, a “Unit”), at a price of $0.05 per Unit, for gross proceeds of $530,950. The Company intends on completing additional tranches of the Financing.Each Unit consisted of one common share (each, a “Share”) and one share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one Share for a period of two years at an exercise price of $0.075 per Share until May 4, 2017 and at an exercise price of $0.10 per Share until May 4, 2018.
The Company paid cash finders’ fees of $8,800 and issued 120,000 Shares in connection with certain subscriptions in the Financing.
An insider of the Company subscribed a total of 200,000 Units under the Financing, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(b) and 5.7(b) of MI 61-101.
Proceeds from the Financing will be used by the Company for general administrative purposes and, if the transaction is approved by the TSXV, to fund exploration on its Green Energy property in Utah.
The securities issued under the Financing, and the shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on September 5, 2016.
ON BEHALF OF THE BOARD, VOLTAIC MINERALS CORP.
“Darryl Jones”
Darryl Jones, Director
Tel: 604.681.1568
info@voltaicminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.