$TLOOF Infinity Stone Closes $2.1M Private Placeme
Post# of 36131
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Posted On: 10/05/2022 8:39:53 AM
$TLOOF Infinity Stone Closes $2.1M Private Placement and Intention to Dual List on ASX
https://www.newsfilecorp.com/release/139549
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2022) - Infinity Stone Ventures Corp. (CSE: GEMS) (OTCQB: TLOOF) (FSE: B2I) (the "Company" or "Infinity Stone"
, is pleased to announce the closing of a non-brokered private placement (the "Offering" of 6,400,000 Units (each a "Unit" at a price of $0.25 per Unit, for gross proceeds of $1,600,000. Each Unit is comprised of one (1) Class A Subordinate Voting Share (a "Share" and one-half (1/2) of one share purchase warrant (a "Warrant" . Each whole Warrant is exercisable into one (1) Share (a "Warrant Share" at a price of $0.50 for a period of two (2) years from the date of issuance.
The Company also announces that it has closed a non-brokered private placement of 1,428,571 flow-through Units (each a "FT Unit" at a price of $0.35 per FT Share for gross proceeds of $500,000 (the "FT Offering" . Each FT Unit is comprised of one (1) Class A Subordinate Voting Share (a "Share" and one-half (1/2) of one share purchase warrant (a "FT Warrant" . Each whole Warrant is exercisable into one (1) Share (a "FT Warrant Share" at a price of $0.45 for a period of three (3) years from the date of issuance.
In connection with the FT Offering, the Company issued 100,000 finders' warrants, and paid finder's fees of $34,999.99. Each finders' warrant is exercisable at a price of $0.45 for a period of three (3) years from the date of issuance.
"With the closing of our combined flow-through and non-flow-through offerings, we are excited to welcome the participation of several Australia-based institutions. The well-developed and educated Australian institutional and retail market has a deep understanding of the value and critical need for battery mineral exploration projects. We believe the distribution in Australia will help provide ISV greater exposure for the Company's lithium assets, ultimately realizing a stronger valuation and upside for our shareholders," said Zayn Kalyan, CEO of Infinity Stone.
The gross proceeds from the FT Offering will be used to incur eligible "Canadian exploration expenses" (CEE) that are "flow-through mining expenditures" (as such term is defined in the Income Tax Act (Canada)) related to the Company's mining projects. The net proceeds from the Offering will be used for exploration expenses and general working capital.
Engagement of Foster Stockbroking
Infinity Stone is also pleased to announce it has engaged Foster Stockbroking Pty Ltd ("FSB" in the provision of capital markets advisory services in relation to a proposed Australian Securities Exchange ("ASX" dual listing of Infinity Stone. An ASX listing will provide the Company with greater access to existing and new investors. There has been significant interest from the Australian market in the Company's lithium projects, particularly the Camaro Lithium Project adjacent to Patriot Battery Metal's Corvette Lithium Discovery in James Bay, Quebec.
The Company believes the ASX listing will position the Company better in the Australian market, which has many well-established lithium companies listed on the ASX with hard rock lithium projects in Canada.
The Company will provide further update on the dual listing, as there is no guarantee the Company will be granted approval to list on the ASX.
https://www.newsfilecorp.com/release/139549
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2022) - Infinity Stone Ventures Corp. (CSE: GEMS) (OTCQB: TLOOF) (FSE: B2I) (the "Company" or "Infinity Stone"
, is pleased to announce the closing of a non-brokered private placement (the "Offering" of 6,400,000 Units (each a "Unit" at a price of $0.25 per Unit, for gross proceeds of $1,600,000. Each Unit is comprised of one (1) Class A Subordinate Voting Share (a "Share" and one-half (1/2) of one share purchase warrant (a "Warrant" . Each whole Warrant is exercisable into one (1) Share (a "Warrant Share" at a price of $0.50 for a period of two (2) years from the date of issuance. The Company also announces that it has closed a non-brokered private placement of 1,428,571 flow-through Units (each a "FT Unit"
at a price of $0.35 per FT Share for gross proceeds of $500,000 (the "FT Offering" . Each FT Unit is comprised of one (1) Class A Subordinate Voting Share (a "Share" and one-half (1/2) of one share purchase warrant (a "FT Warrant" . Each whole Warrant is exercisable into one (1) Share (a "FT Warrant Share" at a price of $0.45 for a period of three (3) years from the date of issuance. In connection with the FT Offering, the Company issued 100,000 finders' warrants, and paid finder's fees of $34,999.99. Each finders' warrant is exercisable at a price of $0.45 for a period of three (3) years from the date of issuance.
"With the closing of our combined flow-through and non-flow-through offerings, we are excited to welcome the participation of several Australia-based institutions. The well-developed and educated Australian institutional and retail market has a deep understanding of the value and critical need for battery mineral exploration projects. We believe the distribution in Australia will help provide ISV greater exposure for the Company's lithium assets, ultimately realizing a stronger valuation and upside for our shareholders," said Zayn Kalyan, CEO of Infinity Stone.
The gross proceeds from the FT Offering will be used to incur eligible "Canadian exploration expenses" (CEE) that are "flow-through mining expenditures" (as such term is defined in the Income Tax Act (Canada)) related to the Company's mining projects. The net proceeds from the Offering will be used for exploration expenses and general working capital.
Engagement of Foster Stockbroking
Infinity Stone is also pleased to announce it has engaged Foster Stockbroking Pty Ltd ("FSB"
in the provision of capital markets advisory services in relation to a proposed Australian Securities Exchange ("ASX" dual listing of Infinity Stone. An ASX listing will provide the Company with greater access to existing and new investors. There has been significant interest from the Australian market in the Company's lithium projects, particularly the Camaro Lithium Project adjacent to Patriot Battery Metal's Corvette Lithium Discovery in James Bay, Quebec. The Company believes the ASX listing will position the Company better in the Australian market, which has many well-established lithium companies listed on the ASX with hard rock lithium projects in Canada.
The Company will provide further update on the dual listing, as there is no guarantee the Company will be granted approval to list on the ASX.
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