Bold Ventures Announces Closing of Third Tranche, Extension of Non-Brokered Private Placement, and Insider Subscriptions
TORONTO, ON / ACCESSWIRE / September 19, 2024 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce that further to its press releases dated July 4, 2024, August 1, 2024, August 19, 2024, and August 22, 2024 it has …
TORONTO, ON / ACCESSWIRE / September 19, 2024 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce that further to its press releases dated July 4, 2024, August 1, 2024, August 19, 2024, and August 22, 2024 it has completed the third tranche of a non-brokered private placement offering with the placement of 737,500 WC Units (as defined below) for aggregate gross proceeds of $29,500.00 (the "Third Closing"). The Company has now raised $224,200 in total through the placement of 5,205,000 WC Units and 320,000 FT Units.
The Offering
The private placement offering is for up to 8,000,000 working capital units (the "WC Units") of the Company at a price of $0.04 per WC Unit for up to $320,000 and up to 12,000,000 Flow Through units (the "FT Units") at a price of $0.05 per FT Unit for up to $600,000 both of which constitute the "Offering".
Each WC Unit consists of one (1) Common Share and one (1) Common Share purchase warrant (a "WC Warrant"). Each WC Warrant entitles the holder to purchase one (1) Common Share (a "WC Warrant Share") at a price of $0.06 per WC Warrant Share until the date that is three (3) years after the date of the Third Closing.
Each FT Unit consists of one (1) flow-through common share, priced at $0.05, and one-half (0.5) of a common share purchase warrant. Each full warrant (a "Warrant") entitles the holder to purchase one (1) common share (a "Warrant Share") at a price of $0.10 per Warrant Share until the date that is two (2) years after the date of Closing.
The securities issued on the Third Closing of the Offering are subject to a hold period expiring on January 19, 2024.
Extension of Offering
The Company has extended the Offering, in order to allow for the completion of additional subscriptions. The Offering will remain open until the earlier of either (i) the sale of the remaining 2,795,000 WC Units and the remaining 11,680,000 FT Units; or (ii) October 18, 2024.
Proceeds from the Offering will be used for working capital, for exploration as qualified Canadian Exploration Expense (in the case of the FT Offering), and for property maintenance and acquisitions.
Insider Subscriptions
Two insiders have subscribed for 1,000,000 FT Units for proceeds of $50,000 on the next closing of the Offering. Insiders of the Company may subscribe for up to 25% of the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to the insiders does not exceed 25% of its market capitalization.