ROUYN-NORANDA, Quebec, Dec. 21, 2018 (GLOBE NEWSWIRE) — Pershimex Resources Corporation (« Pershimex » or the « Corporation ») (TSX VENTURE: PRO”) is pleased to announce the closing of a non-brokered private placement of a gross proceeds of $200,000 through the issuance of 200 units at a price of $1,000 per unit (“Unit”). Each Unit consists of 10,000 flow-through common share of the capital stock of the Corporation (“Common Share”) at a price of 0,08 $ each, 2,500 non-flow-through Common Share at a price of 0,08 $ each and 12,500 Common Share purchase warrant (“Warrant”). Each whole Warrant entitles the holder thereof, subject to an adjustment in certain circumstances, to acquire one (1) additional non-flow-through Common Share of the Corporation at an exercise price of $0.10 for a period of 12 months from the closing of the private placement. Each Unit, Common Share and Warrant issued are subject to a mandatory holding period of four (4) months and one (1) day from the closing date of the private placement.
The Corporation will use the proceeds of the offering for purposes of work exploration on the Corporation’s projects, the working capital of the Corporation, the business development, the administration and for other required corporate purposes.
Four directors of the Corporation (the “insiders”) purchased a total of 41 units for a total consideration of $41,000 (Jacques Levesque for 10% of the private placement, Loïc Bureau for 5% of the private placement, Pierre-Hubert Séguin for 3% of the private placement and Robert Gagnon for 2,5% of the private placement). The issuance of units to the insiders constitutes a related party transaction but is exempt from the formal valuation and minority approval requirements of Regulation 61-101- Protection of Minority Security Holders in Special Transactions, as neither the fair market value of the units issued to the insiders, nor the fair market value of the entire private placement, exceeds 25% of the Corporation’s market capitalization. The Corporation did not file a material change report with respect to the participation of the insiders at least 21 days prior to the closing of the private placement as the insiders’ individual and total participation were not determined at that time. The offering was available to accredited investors, existing shareholders and family, friends and business associates allocated on a “first come, first served” basis until the offering is fully subscribed.
The private placement is subject to the TSX Venture Exchange final approval and any other applicable regulatory approvals.
For more information:
Robert Gagnon, President and Chief Executive Officer
Tel.: (819) 797-2180
Caution
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of the information contained in this press release.
The facts set out in this press release that are not historical facts are “forward-looking statements” and readers are cautioned that such statements are not a guarantee of success and that future developments and results may be different from those projected in these forward-looking statements.