Smooth Rock Closes Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 15, 2019) - Smooth Rock Ventures Corp. (TSXV: SOCK) ("Smooth Rock" or the "Company") is pleased to announce it has closed its non-brokered private placement previously announced on March 27, 2019, for gross proceeds of $1,000,889.96 (the "Private Placement") through the issuance of 14,298,428 units at a price of $0.07 per unit.
Each unit consisted of one common share and one warrant. Each warrant entitles the holder to acquire one common share of the Company at a price of $0.11 per common share for a period of 24 months following the date of issuance.
The Company paid $38,855.20 in cash for finder's fees on the private placement, along with 555,074 non-transferable finder's warrants, each entitling its holder to acquire one common share at $0.11 for a two (2) year period after closing of the private placement.
All securities issued above are subject to a hold period expiring on September 16, 2019, being four months and one day after closing of the private placement. Proceeds of the private placement will be used for expenditures on the Garfield Flats project, future acquisitions and general working capital. The Private Placement is subject to final TSX Venture Exchange acceptance.
ON BEHALF OF THE BOARD
FOR FURTHER INFORMATION PLEASE CONTACT: Smooth Rock Ventures Corp.
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.
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