No finders' fees will be paid and no warrants will be issued in connection with this Financing.
Proceeds will be used for exploration and development of the
Three (3) Insiders, together with the spouse of one Insider (the "Related Parties"), will directly and/or indirectly subscribe for an aggregate of up 1,777,778 Shares from the Financing, which will increase those Related Parties' pro rata shareholdings in the Company (the "Related Party Transaction"). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the Related Party Transaction being less than 25% of the Company's market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the
In addition, in accordance with an agreement the Company has with
The Financing is expected to close on or about
ON BEHALF OF THE BOARD
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in
Keywords for this news article include: Production, Manufacturing.
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