(TheNewswire)
Vancouver, British Columbia - TheNewswire - September 6, 2023 - SiQ MountainIndustries Inc. ( NEX:SIQ.H )(the “ Company ” or “ SiQ ”) is pleased to announce thatthe previously announced non-brokered private placement (see theCompany’s news release dated August 15, 2023) (the “PrivatePlacement”) has closed on 4,000,000 common shares at a price of$0.05 per share.
In connection with the closing of the Private Placement the Companypaid Canaccord Genuity Corp. $3,200.00 in cash as a finder’s fee.
The net proceeds of the Private Placement will primarily be used tofund a new strategic business plan as well as for general corporateand working capital purposes.
All common shares issued under the Private Placement will be subjectto a hold period expiring on January 7, 2024 in accordance withapplicable Canadian securities laws.
In connection with the Private Placement, the Company issued commonshares to persons that are directors or senior officers of theCompany . The Company has determinedthat exemptions from the various requirements of TSX Venture ExchangePolicy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”) areavailable for the issuance of the common shares to these relatedparties. The Company relied on Section 5.5(c) of MI 61-101 for anexemption from the formal valuation requirement on the basis that thetransaction was a distribution of securities for cash, and Section5.7(1)(b) of MI 61-101 for an exemption from the minority approvalrequirement as the fair market value of the transaction was not morethan $2,500,000.
On behalf of the Board of Directors,
James R. Bond, CEO and President
Cautionary Note RegardingForward-Looking Statements
Forward-looking statements contained in this news release includestatements regarding the closing of the Private Placement (includingreceipt of all required regulatory approvals), the number of CommonShares sold pursuant to the Private Placement, the insiderparticipation in the Private Placement and the use of proceeds fromthe Private Placement, Although the Company believes that theexpectations reflected in such forward-looking statements and/orinformation are reasonable, undue reliance should not be placed onforward-looking statements since the Company can give no assurancethat such expectations will prove to be correct. These statementsinvolve known and unknown risks, uncertainties and other factors thatmay cause actual results or events to differ materially from thoseanticipated in such forward-looking statements, including but notlimited to risks related to: receipt of required regulatory approvalsfor, the closing of the Private Placement, and insider participationin the Private Placement.
NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIESOF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACYOR ACCURACY OF THIS RELEASE.
For further information, pleasecontact:
James R. Bond, President and CEO | Richard Lee, Chief Financial Officer and Corp.Sec. 604 590 1525 | |
Email: bond@siqmountain.com | Email: lee@siqmountain.com |
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