Vancouver, British Columbia--(Newsfile Corp. - October 28, 2024) - Miivo Holdings Corp. (TSXV: MIVO) ("Miivo" or the "Company") further to its October 10, 2024 news release, the Company is pleased to announce that it has filed documents with the TSX Venture Exchange (the "Exchange") seeking approval to close its non-brokered private placement for aggregate gross proceeds of $1,186,000 (the "Offering").
On receipt of Exchange approval, the Company will issue 5,930,000 units (the "Units") each Unit consisting of one common share (a "Common Share") and one-half (½) of a Common Share purchase warrant (each whole warrant, a "Warrant") of the Company each Warrant being exercisable to acquire an additional Common Share for a period of 12 months following date of issue at an exercise price o $0.40. The Warrants will be subject to the right of the Company to accelerate the exercise of the Warrants if the shares of the Company close at or above $0.60 for a period of 10 consecutive trading days.
The net proceeds from the Offering are expected to be used for investments and general corporate purposes.
There are two (2) insiders subscribing to the Financing for $257,200 or 1,286,000 Units, that portion of the Financing a "related party transaction" as such term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization.
Subject to Exchange approval, finder's fees totalling $71,470 cash and 357,350 non-transferable broker warrants will be paid to certain finders. All the securities issued under the Offering will be subject to regulatory hold periods expiring four months and one day from the date of issue.
About Miivo Holdings Corp.
Miivo Holdings Corp. (TSX-V: MIVO) is listed on the TSX Venture Exchange and is classified as an "Investment Company" under applicable Exchange policies.
On Behalf of the Board of Directors
(signed) "Alexander Damouni"
Alexander Damouni, Chief Executive Officer
For further information, please contact the Company at:
Tel.: (604) 785-1425
info@miivoholdings.com
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
This news release may include forward-looking information that is 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 information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227957
SOURCE: Miivo Holdings Corp.
