Vancouver, British Columbia--(Newsfile Corp. - April 23, 2021) - 1290442 B.C. Ltd. (the "Company") announces that it has closed a non-brokered private placement, in which it raised gross proceeds of $100,000.
This placement consisted of 100,000 common shares of the Company at a price of CAD$1.00 per common share (the "Offering"). No finder's fees were payable in connection with the Offering. The Company intends to use the proceeds of the Offering for general working capital purposes.
The Company further announces that Harvey McKenzie and Neil Novak have been appointed as directors of the Company. In addition, Balu Gopalakrishnan has been appointed CFO and Michael Lerner has been appointed CEO.
Related Party Participation in the Offering
Jennifer Goldman ("Goldman"), and L5 Capital Inc. ("L5"), both insiders of the Company, each subscribed for 50% of the offering, or 50,000 common shares. As insiders of the Company participated in this Offering, it is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsection 5.5(b) and 5.7(1)(b)) as the Company is not listed on the markets specified in MI 61-101 and neither the fair market value of the common shares distributed to, nor the consideration received from interested parties exceeded $2,500,000.
The Company did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Offering and the Company wished to close on an expedited basis for business reasons.
On behalf of the Board,
Michael Lerner
Director
For further information:
1290442 B.C. Ltd.
2200 - 885 West Georgia Street
Vancouver, BC V6C 3E8
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81655
