Mantra Exploration Inc. Closes Private Placement
March 15, 2021 8:04 PM EDT | Source: Mantra Exploration Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 15, 2021) - Mantra Exploration Inc. (the "Company") is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") for aggregate proceeds of C$32,500. The Company issued 325,000 units of the Company (each, a "Unit") at a price of $0.10 per Unit. Each Unit comprised of one common share of the Company (a "Share") and one transferrable common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase an additional Share at an exercise price of $0.10 per Share for a period of two years from the date of issuance.
All securities issued under the Private Placement are subject to a four month hold period that will expire on July 16, 2021. No finders fees were issued under the Private Placement. The proceeds from the Private Placement will be used for general corporate and working capital purposes.
For more information please email rchowdhry@asiabasemetals.com.
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.
Contact Information
Mantra Exploration Inc.
Raj Chowdhry, Chief Executive Officer
Email: rchowdhry@asiabasemetals.com
Telephone: (604) 765 - 2030
Multilateral Instrument 61-101
Under the Private Placement, the following insiders of the Company purchased common shares: Henry Park, a director of the Company, purchased 75,000 Units through a company controlled by Mr. Park; and Raj Chowdhry, President, CEO and a director of the Company, purchased 125,000 Units. Their participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Private Placement nor the consideration to be received for those securities, in so far as the Private Placement involves the insiders, exceeds $2,500,000. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the Private Placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's intention to carry out the Private Placement and the use of proceeds from the Private Placement constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will be able to use the proceeds of the Private Placement as anticipated. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, inability to use the proceeds from the Private Placement as anticipated. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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