IPO - BEACN Wizardry & Magic Inc. Announces Closing of $1400000 Non-Brokered Private Placement
(TheNewswire)
Vancouver, BC, TheNewswire, November 29, 2022 - BEACN Wizardry & Magic Inc. (TSXV:BECN) (“BEACN” or the “Company”)is pleased to announce the closing of the non-brokered privateplacement (the “Offering”) first announced on November 8, 2022 andthen increased on November 23, 2022 for gross proceeds of $1,400,000from the sale of 5,600,000 units of the Company (the “Units”) at aprice of $0.25 per Unit. Each Unit is comprised of one common share (a“Share”) and one non-transferable common share purchase warrant (a“Warrant”). Each Warrant will entitle the holder to purchase oneadditional Share for a period of three years from the closing of theoffering for $0.45.
The net proceeds from the Offering will be used to (i)accelerate the Company’s sales program, (ii) support the release ofnew products in 2023 and the roll out of Mac support for BEACN’sexisting product suite, (iii) improve on shipping and logistics in newstrategic markets and (iv) for general working capital.
Directors and officers of BEACN and shareholders owningmore than 10% of the Company’s common shares participated in theOffering and were issued an aggregate of 1,260,000 Units. Suchparticipation in the Offering constitutes a “related partytransaction” as defined in Multilateral Instrument 61-101 – Protection of MinoritySecurity Holders in Special Transactions (“61-101”). The Offering is exempt from the formal valuation andminority shareholder approval requirements of 61-101 as neither thefair market value of the securities issued to related parties nor theconsideration for such securities exceed 25% of the Company’s marketcapitalization. The Company did not file a material change report 21days prior to closing of the Offering as the participation of insidersof the Company in the Offering had not been confirmed at thattime.
Finder’s fees of 7% in cash, totaling $47,875, and 7%in warrants (“Finders Warrants”), totaling 191,100 FindersWarrants, were paid to eligible parties. Each Finder’s Warrant will entitle the holder to purchase oneadditional Share for a period of two years from the closing of theoffering for $0.25.
All securities are subject to a four month hold periodexpiring on March 30, 2023.
The securities offered have not beenregistered under the U.S. Securities Act of 1933, as amended, and maynot be offered or sold in the United States absent registration or anapplicable exemption from the registration requirements. This newsrelease shall not constitute an offer to sell or the solicitation ofan offer to buy nor shall there be any sale of the securities in anyjurisdiction in which such offer, solicitation or sale would beunlawful.
About BEACN Wizardry & MagicInc.
BEACN islisted on the TSXV under the symbol BECN. ?
For further information, please contact:
BEACN Wizardry & MagicInc.
Robert Doyle: rdoyle@beacn.com or604-561-8990
Reader Advisory
Certain information set forth inthis news release contains forward-looking statements or information(" forward-looking ?statements "), including details about the proposed Offering and theCompany’s proposed use of proceeds from the Offering. By theirnature, forward-looking statements are subject to numerous risks?and uncertainties, some of which are beyond the Corporation'scontrol, including risks associated with the inability to complete theOffering, timing of receipt of regulatory approval, change in marketconditions, evolving global supply chain issues, evolving economic andpolitical issues, and demand for BEACN products. Although the?Company believes that the expectations in its forward-lookingstatements are reasonable, its forward-looking statements have ?beenbased on factors and assumptions concerning future events which mayprove to be inaccurate. Those factors and ?assumptions are basedupon currently available information. Such statements are subject toknown and unknown risks, ?uncertainties and other factors that couldinfluence actual results or events and cause actual results or eventsto differ materially ?from those stated, anticipated or implied inthe forward-looking statements. Accordingly, readers are cautioned notto place undue reliance on the forward-looking statements, as noassurance can be provided as to future results, levels of activity orachievements. ? Furthermore, the forward-looking statementscontained in this document are made as of ?the date of this documentand, except as required by applicable law, the Company does notundertake any obligation to publicly ?update or to revise any of theincluded forward-looking statements, whether as a result
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