Cresval Announces Private Placement to Existing Shareholders and Other Investors
March 29 2019 - 11:27AM
Cresval Capital Corp. (“Cresval” or “the Company”) (CRV:
TSX-V) announces that the Company intends to raise up to
$500,000 by way of a non-brokered private placement (the
“
Offering”) of units (“
Units”) of
the Company at a price of $0.025 per Unit. Subject to certain
limitations discussed below, the Offering is open to all existing
shareholders of the Company. The Offering is subject to TSX
Venture Exchange (“
TSXV”) final acceptance.
Any existing shareholders interested in
participating in the Offering should contact the Company pursuant
to the contact information set forth below.
The Offering
The maximum Offering is 20,000,000 Units for
gross proceeds of $500,000. The Offering is not subject to
any minimum aggregate subscription. Each Unit will consist of
one common share in the capital of Cresval (the “Common
Shares”) and one Common Share purchase warrant (the
“Warrants”). Each Warrant will be
exercisable into one Common Share for a period of five years at a
price of $0.05/share.
A finder's fee of cash, Common Shares or
Warrants, or a combination thereof, may be paid to eligible finders
with respect to any portion of the Offering that is not subscribed
for by existing shareholders.
The proceeds of the Offering will be used to
conduct property maintenance on the Company’s MIKE and New Raven
properties, to repay outstanding debt and for working capital and
general corporate purposes. Assuming the entire $500,000
Offering is completed, the use of proceeds will be as follows: MIKE
Property geological and IP geophysics program ($300,000); New Raven
Property geological and prospecting program ($50,000); Accounts
Payable ($50,000); legal/accounting/audit costs ($12,500); transfer
agent fees/regulatory listing and filing fees ($9,500); AGM costs
($4,000) website/corporate communications ($3,500); rent/office
expenses and general supplies ($10,500); management fees ($50,000)
and unallocated/general corporate purposes ($10,000).
Although the Company intends to use the proceeds of the Offering as
described above, the actual allocation of net proceeds may vary
from the uses set forth above, depending on future operations or
unforeseen events or opportunities. If the Offering is not
fully subscribed, the Company will apply the proceeds of the
Offering to the above uses in priority and in such proportions as
management of the Company determines is in the best interests of
the Company.
The securities issued in connection with the Offering will be
subject to a hold period expiring four months and one day from the
date of issuance of such securities.
Existing Shareholder Exemption
Depending on demand and regulatory requirements,
a portion of the Offering may be made in accordance with the
provisions of the existing shareholder exemption (the
“Existing Shareholder Exemption”) contained in
Multilateral CSA Notice 45-313 and the various corresponding
blanket orders and rules of participating jurisdictions (the
Existing Shareholder Exemption is not available in Ontario or
Newfoundland and Labrador). In addition to conducting the Offering
pursuant to the Existing Shareholder Exemption, the Offering will
also be conducted pursuant to other available prospectus
exemptions, including sales to accredited and eligible investors,
family and close personal friends and business associates of
directors and officers of the Company.
The Company has set March 29, 2019 as the record
date for the purpose of determining existing shareholders entitled
to purchase Units pursuant to the Existing Shareholder
Exemption. Subscribers purchasing Units under the Existing
Shareholder Exemption will need to represent in writing that they
meet certain requirements of the Existing Shareholder Exemption,
including that they were, on or before the record date, a
shareholder of the Company (and still are a shareholder). The
aggregate acquisition cost to a subscriber under the Existing
Shareholder Exemption cannot exceed $15,000 unless that subscriber
has obtained advice from a registered investment dealer regarding
the suitability of the investment. There is no minimum subscription
amount. If subscriptions received for the Offering based on all
available exemptions exceed the maximum Offering amount of
$500,000, Units will be allocated pro rata amongst all subscribers
qualifying under all available exemptions.
About CresvalCresval Capital Corp. is a junior
precious metals and copper exploration company actively involved in
three 100% owned projects situated near the productive Bralorne
Gold camp in southwestern British Columbia.
For more information please visit www.cresval.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Lee Ann WolfinPresident and Chief Executive
OfficerTelephone: (604) 913-7788Email:
lawolfin@cresval.com
Forward looking statements: 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. This release contains statements that are forward‐looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward‐looking statement.
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