TSX-V
CO.V
0,02 CA$
50,00%
Closes Final Tranche of Oversubscribed Non-brokered Private Placement
Publié le 18 août 2016
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Re: Company News - Thursday, August 18, 2016
Canadian Orebodies Closes Final Tranche of Oversubscribed
Non-brokered Private Placement
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TORONTO, August 18, 2016 --- Canadian Orebodies Inc. (the "Company") is
pleased to announce the closing of the second and final tranche of the
non-brokered private placement originally announced on July 28, 2016
and increased on August 12, 2016 (the "Financing"). The Financing was
significantly oversubscribed and increased again for gross final
tranche proceeds of $3,352,280 through the sale 55,871,331 units of the
Company (each, a "Unit") at a price of $0.06 per Unit in the final
tranche. In total, the Company raised gross proceeds of $5,757,480
through the sale of 95,957,999 Units.
Each Unit is comprised of one common share of the Company (each, a
"Common Share") and one-half of one Common Share purchase warrant of
the Company (each such whole Common Share purchase warrant, a
"Warrant"). Each Warrant will be exercisable into one Common Share for
a period of 18 months from closing at an exercise price of $0.14 per
share beginning on the date of the closing of the Financing. The expiry
date of the Warrants may be accelerated, at the option of the Company,
if the closing price of the Common Shares on a Canadian stock exchange
exceeds $0.20 for a period of twenty consecutive trading days
commencing on the date that is four months and one day after the
closing of the Financing by giving notice to the holders thereof, in
which case the Warrants will expire on the thirtieth day after the date
on which such notice is given by the Company.
All of the securities issued by the Company in connection with this
financing are subject to a hold period of 4 months from the closing
date of the offering. The Company paid cash finders' fees to eligible
finders for an aggregate amount of 6% of the gross proceeds and grant
non-transferable warrants (each, a "Finders Warrant") to purchase an
aggregate of up to 6% of the Units of the Company placed by each
eligible finder. Each Finders Warrant entitles the holder thereof to
purchase one Common Share for a period of 18 months from the date of
issuance at a price of $0.06 per Common Share. A total of $149,789 cash
was paid in finders' fees resulting in net proceeds to the Company of
$5,607,691 from both tranches. In addition, a total of 2,460,480
Finders Warrants were issued in connection with the Financing.
The proceeds of the Financing will be used for the exploration and
advancement of the Company's Hemlo property and for general working
capital purposes.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
gmckinnon@canadianorebodies.com
www.canadianorebodies.com
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