- Salazar Resources Limited (SRL) has closed the first tranche of a non-brokered private placement
- As of the moment, the company has raised gross proceeds of $1,980,187 by issuing a total of 19,801,872 common shares at a price of $0.10 per share
- Certain insiders of the company have acquired shares in the company by way of their participation in the private placement
- Salazar Resources Limited is focused on creating value and positive change through discovery, exploration and development in Ecuador
- Salazar Resources Limited opened trading at $0.11 per share
Salazar Resources Limited (SRL) has closed the first tranche of its previously announced non-brokered private placement.
Under the first tranche, the company has raised gross proceeds of $1,980,187 by issuing 19,801,872 common shares at a price of $0.10 per share.
All shares issued are subject to a statutory four-month hold period from the date of closing.
A finder’s fee of $3,000 cash and 1,000,000 common shares were paid on a portion of the private placement, and net proceeds will be used for working capital and exploration.
The private placement remains subject to all necessary regulatory approvals, including the final acceptance of the TSX Venture Exchange.
The company has also announced that certain insiders of the company, namely Mr. Fredy Salazar, President, CEO and Director; Mr. Merlin Marr-Johnson, Corporate Secretary and Director and Mr. Nick DeMare, Director, have acquired shares in the company by way of their participation in the private placement.
The participation of Salazar, Marr-Johnson and DeMare in the private placement constitute a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
After the initial closing of the private placement, Mr. Salazar owns and controls 29,513,529 shares, representing approximately 17.01 per cent of the issued and outstanding shares, 1,470,000 options, and 180,000 RSUs, which, if exercised or redeemed, would increase his ownership to approximately 17.79 per cent on a partially diluted basis.
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration and development in Ecuador.
Salazar Resources Limited opened trading at $0.11 per share.
