Each Unit is comprised of one common share (each, a 'Share') and one-half of one transferable Share purchase warrant (with two such half warrants being a 'Warrant'). Each Warrant entitles the holder thereof to purchase one additional Share of the Company at a price of
No finder's fees have been paid on the Private Placement. The gross proceeds of the Private Placement will be used to fund exploration expenditures at the Company's current mining properties and for general working capital. All securities issued in connection with the Private Placement are subject to a four-month and one day hold period under securities laws.
Certain insiders of the Company participated in the Offering for an aggregate total of 1,700,000 in Units. The participation by such insiders is considered a 'related-party transaction' within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101). The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Offering and the Company wished to close on an expedited basis for sound business reasons
Early Warning Disclosure
About
Contact:
President
T: 604.725.1857
E: scott@flowmetals.com
Forward-Looking Information
This press release may include 'forward-looking information' (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release
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