In the second and final tranche the company raised proceeds of $666,965 through the sale of 13,339,300 units, after having raised proceeds of $687,000 through the sale of 13,740,000 units in the first tranche
The group said the proceeds of the financing will be used for general working capital and to fund future investments.
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Under the terms of the financing, each unit consists of one common share in the equity of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of $0.075 per share for a period of two years from the closing of the financing, subject to the option of the company to accelerate the expiry date in the event that its shares trade at $0.15 or more for 10 consecutive days.
The company paid finders fees to qualified finders of $18,000 and issued 160,000 broker warrants in the first tranche, and paid finders fees of $49,717.20 and issued 994,344 broker warrants on the final tranche, which are on the same terms as the warrants forming part of the units.
Securities issued as a result of closing of the final tranche will be subject to a statutory hold period until April 22, 2021.
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