Gem Rns29 Dec 2019 15:02
Gem International Resources Inc. Closes Second and Final Tranche of Non-Brokered Private Placement and Closes Debt Settlement
TORONTO, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Gem International Resources Inc. (the “Company”) (NEX:GI.H) is pleased to announce that, in connection with its previously announced non-brokered private placement (the “Offering”), the Company has completed the second and final tranche (“Second Tranche”) of the Offering. The Offering is comprised of the sale of 8,000,000 common shares in the capital of the Company (“Shares”) at a price of $0.05 per Share. The first tranche of the Offering consisted of the sale of 7,000,000 Shares for aggregate gross proceeds of $350,000 and the Second Tranche consisted of the sale of 1,000,000 Shares for aggregate gross proceeds of $50,000.
The Company intends to use the net proceeds from the Offering for general corporate and working capital purposes. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. The Common Shares issued pursuant to the Offering will be subject to a four month and one day statutory hold period.
The Company also announces that it has completed a debt settlement of an aggregate of $262,750 owing to certain officers, directors, and service providers to the Company through the issuance of up to 5,255,000 Common Shares at an implied issue price of $0.05 per Common Share (the “Debt Settlement”).
Sign In
Follow the stocks
