Closing of the Private Placement
Canada Carbon Inc. (the "Company") (TSX-V: CCB) is excited to share that it has successfully completed the closing of the first tranche of a non-brokered private placement, involving 7,333,333 units at a price of $0.015 per unit. This effort has resulted in total gross proceeds of $110,000.
Details of the Private Placement
Each unit consists of one common share and one common share purchase warrant. The warrants entitle the holder to acquire one additional common share at a price of $0.06 for a term of 60 months following the completion of this offering. This strategic move aims to enhance the Company's financial position and aids in advancing its operational capabilities.
Understanding the Securities
The securities issued as part of this offering are subject to a hold period of four months plus a day from their issuance date. This condition aligns with the resale rules outlined in applicable securities legislation, ensuring compliance with necessary regulations.
Use of Proceeds
The proceeds from this private placement will be allocated towards general working capital purposes. This funding will assist Canada Carbon in maintaining its operations and supporting its ongoing projects, thereby reinforcing its growth trajectory in the sector.
Purchases by Insider
In a show of confidence in the company's potential, Ellerton Castor, Chief Executive Officer, has personally invested in 666,666 units through this offering. The insider private placement is exempt from certain evaluation and approval processes outlined in Multilateral Instrument 61-101, provided the transaction remains within set guidelines, ensuring transparency and fairness.
Compliance and Restrictions
The company emphasizes that this announcement should not be construed as an offer or solicitation to sell securities, especially within the United States. The securities have not been and will not be registered under the U.S. Securities Act or relevant state laws, indicating that they may not be sold in the U.S. unless registered or available under an exemption.
Company Overview
Canada Carbon Inc. has become known for its commitment to responsible mineral exploration and development. The company's efforts focus on harnessing natural resources while maintaining a commitment to sustainable practices. The recent private placement reflects its proactive approach towards securing necessary capital to drive future growth and innovation.
Contact Information
For further inquiries, please contact:
Ellerton Castor
Chief Executive Officer and Director
Email: info@canadacarbon.com
Phone: (905) 407-1212
Frequently Asked Questions
What is Canada Carbon Inc.'s recent financial achievement?
Canada Carbon Inc. has successfully closed a private placement, raising $110,000 through the sale of units at a price of $0.015 each.
What are the components of each unit in the offering?
Each unit consists of one common share and one common share purchase warrant, which allows the purchase of additional shares at $0.06 per share.
Who is the CEO of Canada Carbon Inc.?
Ellerton Castor is the Chief Executive Officer and Director of Canada Carbon Inc., actively involved in the recent fundraising efforts.
How will the funds from the private placement be utilized?
The funds raised will be directed towards general working capital purposes to support the company's ongoing operations and projects.
What limitations affect the securities issued in this offering?
The securities issued will have a four-month hold period and are subject to specific resale restrictions under relevant securities laws.