Arak Resources Limited - Proposed Financing
15.02.2017 | Marketwire
MISSION, February 15, 2017 - Arak Resources Ltd. (TSX VENTURE: AAC) (the "Company") wishes to announce, subject to Exchange approval, a non-brokered private placement of up to 4,643,000 Units at a price of $0.14 per Unit. Each Unit of the private placement consisting of one, post-consolidated common share and one, five year share purchase warrant entitling the holder to purchase an additional post-consolidated common share at a price of $0.18 per share until expiry. Gross proceeds of $650,020 will be used for general overhead and operating expenses.The Company will pay, a commission of up to 10% of the gross proceeds in cash and up to 10% of the number of Units sold, in commission warrants, the commission warrants exercisable at $0.18 for a period of two years.
All securities issued pursuant to the private placement will be subject to a four month hold period trading restriction
ARAK RESOURCES LTD.
"Carl von Einsiedel"
Carl von Einsiedel, Director
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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
For further information please contact:
Arak Resources Ltd.
Investor Relations
604.410.2277