EVI Announces Closing of Oversubscribed Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - October 11, 2018) - EVI GLOBAL GROUP DEVELOPMENTS CORP. (CSE: EVI) ("EVI") is pleased to announce it has closed its non-brokered private placement previously announced on September 5, 2018. Due to increased demand, the previously announced private placement was increased from $3,000,000 to 16,000,000 units at a price of $0.25 per unit for gross proceeds of $4,000,000.
Each unit in the private placement is comprised of one common share and one-half of a transferable common share purchase warrant, with each whole warrant exercisable into one additional common share at a price of $0.50 for a period of 1 year. The securities will be subject to a four month and one day hold period under applicable securities laws.
In connection with the private placement, the Company paid certain arm's length finders a finder's fee consisting of: (i) cash equal to 6% of the total gross proceeds from subscribers introduced to the Company by the applicable finder; and (ii) such number of finder's warrants equal to 6% of the total number of shares issued to subscribers introduced to the Company by the applicable finder. Each finder's warrant is exercisable into one additional common share at a price of $0.50 for a period of 1 year.
The Company intends to use the net proceeds from the private placement for general working capital, expenditures related to previously announced letter of intent with Borganic Consulting Inc. and other corporate matters.
For further information please contact: Joel Leonard, CFO, Director, EVI Global Group Developments Corp. E-mail: email@example.com
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.