WINKF - Windfall Geotek Announces Closing of a Strategic Financing of $3.5M to Accelerate Eagle Eye(tm) Goto Market for Battery Metals and UXO Detection
(TheNewswire)
DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBEDHEREIN
Brossard, Quebec - The Newswire - March 18, 2021- Windfall Geotek(TSXV:WIN ) ( OTC:WINKF )( FSE:L7C2) (“Windfall” or the “Company”) a miningtechnology company and a leader in the use of Artificial Intelligence(AI) and advanced knowledge-extraction techniques since 2005 in themining sector, is pleased to announce the closing of a previouslyannounced strategic non-brokered financing of $3.5M with lead ordersfrom ThreeD Capital (CSE:IDK, OTCQB:IDKF) andDraganfly (CSE: DFLY) (OTCQB: DFLYF) (FSE: 3U8).
The issuance is for 10,000,000 units at a price of $0.35 per unitcomprised of one common share and one common share purchase warrant.Each common share purchase warrant entitles the holder to purchase onecommon share of the Company for the price of $0.50 per common sharefor a period of 24 months following the closing of the Offering. Theproceeds will be used to continue the R&D for landmines and unexploded ordinance (UXO) detection application aswell as speed up the goto market for the EagleEye™ technology in themining sector including building a dedicated team for the newapplication and the opening of a Toronto office.
Insiders of Windfall subscribed for a total of 1,404,986 Units fortotal gross proceeds of $491,745. Participation by insidersconstitutes a related party transaction as defined under MultilateralInstrument 61-101. The issuance of securities to such related partiesis exempt from the formal valuation requirements of Section 5.4 of MI61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from theminority shareholder approval requirements of Section 5.6 of MI 61-101pursuant to Subsection 5.7(b) of MI 61-101 as the purchase ofsecurities does not exceed 25% of the Company’s marketcapitalization. The Company is relying on exemptions from the formalvaluation and minority shareholder approval requirements providedunder sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101.The Company did not file a material change report 21 days prior to theclosing as the details of the participation of insiders of the Companyhad not been confirmed at that time.
About Windfall Geotek – Powered byArtificial Intelligence (AI) since 2005
Windfall is an Artificial Intelligence company that hasbeen in business for over 15 years developing its proprietary CARDSanalysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team thatincludes professionals in geophysics, geology, ArtificialIntelligence, and mathematics. It combinesavailable public and private datasets including geophysical, drillhole and surface data. The algorithms designed and employed byWindfall are calculated to highlight areas of interest that have thepotential to be geologically similar to other gold deposits andmineralization. The Company's objective is todevelop a new royalty stream by significantly enhancing andparticipating in the exploration success rate of mining and tocontinue the Land Mine detection application as a high priority. Windfall has played a part in numerous pastdiscoveries utilizing its methodology as described at: https://windfallgeotek.com/ .
For further information, please contact:
Dinesh Kandanchata
Chairman and interim CEO of Windfall Geotek
Email: dinesh@windfallgeotek.com
Website: www.windfallgeotek.com
Additional information about the Company is availableunder Windfall Geotek’s profile on SEDAR at www.sedar.com . Neither the TSXVenture Exchange nor does its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTEREGARDING FORWARD-LOOKING INFORMATION: This news release containsforward-looking information, which relate to future events or futureperformance and reflect management’s current expectations andassumptions based on assumptions made by and using informationcurrently available to the Company. Such factors include, but are notlimited to, achievements of new management varying significantly fromexpectations; capital and operating costs varying significantly fromestimates; delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals; uncertaintiesrelating to the availability and costs of financing needed in thefuture; changes in equity markets; inflation; fluctuations incommodity prices; delays in the development of projects; and thoserisks set out in the Company’s public documents filed on SEDAR(www.sedar.com) under Windfall Geotek’s issuer profile. Investorsare cautioned that these forward-looking statements are neitherpromises nor guarantees, and they are subject to risks anduncertainties that may cause future results to differ materially fromthose expected. These forward-looking statements are made as of thedate hereof and, except as required under applicable securitieslegislation, the Company does not assume any obligation to update orrevise them to reflect new events or circumstances.
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