Smooth Rock Ventures Corp. Arranges Private Placement
08.07.2020 | Newsfile
Vancouver, July 8, 2020 - Smooth Rock Ventures Corp. (TSXV: SOCK) ("Smooth Rock" or the "Company") is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to $1,000,000 (the "Private Placement") through the issuance of 14,285,714 units at a price of $0.07 per unit.Each unit will consist of one common share and one warrant. Each warrant entitles the holder to acquire one common share of the Company at a price of $0.11 per common share for a period of 24 months following the date of issuance.
In connection with the Offering, the Company may pay cash finders' fees to eligible finders of up to 8% of the gross proceeds received and may issue warrants equal to 8% of the Units placed ("Finders" Warrants"). The Finders' Warrants will have the same terms as the Warrants forming part of the Units.
The common shares to be issued in connection with the Private Placement and any common shares to be purchased on the exercise of warrants will be subject to a statutory four-month hold period from the closing of the Private Placement.
Proceeds of the Private Placement will be used for work on the Company's mineral properties and general working capital. The closing of the Private Placement is subject to TSX Venture Exchange approval.
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.
ON BEHALF OF THE BOARD
"Alan Day"
Alan Day, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Smooth Rock Ventures Corp.
(TEL)- (888) 909-5548, (FAX)-(888) 909-1033
Email: info@smoothrockventures.com
Website: www.smoothrockventures.com