SIMPLY SOLVENTLESS ANNOUNCES CLOSING OF OVERSUBSCRIBED UNIT FINANCING FOR GROSS PROCEEDS OF $3.85 MILLION
/Not for distribution to
A total of 15,400,000 Units were issued at a price of
As previously announced on
Finder's fees of
116,000 Units for net proceeds of
The closing of the Financing, including the payment of any finder's fees, remains subject to the final approval of the TSXV.
All securities issued under the Financing will be subject to a hold period expiring four months and one day from the date of issue. On a proforma basis, SSC is expected to have approximately 69.2 million Common Shares outstanding (basic), of which approximately 22% will be held by insiders. Of SSC's outstanding Common Shares, approximately 17.0 million (22%) are escrowed pursuant to TSXV policies. Further details with respect to SSC's escrowed securities can be found in SSC's filing statement dated
About
SSC is a public company incorporated under the Business Corporations Act (
Notice on Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the use of proceeds of the Financing, the opinions or beliefs of management, profitable revenue growth, obtaining production efficiencies, cost of goods sold cost reductions and receipt of final approval of the TSXV. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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