Thunderstruck Resources Ltd. (TSXV:AWE) (“Thunderstruck”) announces that, further to its press release dated March 1, 2018, it has closed its previously announced non-brokered private placement (the “Placement”).
Due to increased interest, the Placement was oversubscribed for gross proceeds of $430,000, raised through the sale of 5,375,000 units at a price of $0.08 per unit (each a “Unit”). Each Unit comprised one common share and one share purchase warrant. Each warrant entitles the holder to purchase a further common share at a price of $0.15 per share until March 13, 2021. The warrants are subject to accelerated exercise provisions such that if the closing price of the Company’s common shares exceeds $0.25 per share for a period of 20 consecutive trading days, the Company may give notice of the acceleration of the warrants’ term to a period of 30 days following such notice. All securities are subject to a hold period in Canada expiring on July 14, 2018. Additional restrictions may apply pursuant to Rule 144 of the Securities Act of 1933, as amended, to U.S. investors.
No finder’s fees were paid.
Insiders of the Company subscribed for a total of 625,000 Units, both directly and indirectly, for aggregate subscription proceeds of $50,000, constituting a “related party transaction” as such term is defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101″). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization.
The Company has Continue Reading