The Company did not pay any bonus, finder's fee, commission, or agency fee in connection with the Offering.
Each Unit consisted of one common share of the Company (each, a 'Common Share', and collectively the 'Common Shares') and one-half of one Common Share purchase warrant (each whole warrant, a 'Warrant' and collectively the 'Warrants'). Each Warrant entitles the holder thereof to acquire one Common Share at a price of
The Company intends to use the net proceeds of the Offering for working capital and for general corporate purposes.
The Units were offered and sold by private placement in
The Offering constituted a 'related party transaction' with respect to the Company within the meaning of that term pursuant to Multilateral Instrument 61-101 of the Canadian Securities Administrators - Protection of Minority Security Holders in Special Transactions ('MI 61-101'), as Mr.
MI 61-101 provides that related party transactions are, in the absence of an exemption therefrom, subject to the requirement to obtain a formal valuation for the subject matter of the related party transaction and minority shareholder approval of the related party transaction (which approval must exclude any votes attached to Common Shares held by the participating related party). The Company relied on the exemptions from the formal valuation and minority approval requirements of MI 61-101 provided for in subsections 5.5(b) (Issuer Not Listed on Specified Markets) and 5.7(1)(b) (Fair Market Value Not More Than
A material change report with respect to the Offering was filed less than 21 days before the closing date, which was reasonable and necessary in the circumstances for the Company to take advantage of available financing opportunities. Additional information with respect to the Offering and the insider participation therein is available in the material change report filed on SEDAR+ at www.sedarplus.ca.
No securities offered in the Offering have been, nor they will be, registered under the United States Securities Act of 1933, as amended (the '
About Fredonia
Fredonia indirectly owns a 100% interest in certain license areas (totaling approximately 18,300 ha.) (collectively, the 'Project'), all within the Deseado Massif geological region in the Province of
Contact:
Tel: +1-416-846-7807
Email: omar.salas@icloud.com.
Forward-looking Information Cautionary Statement
This news release contains 'forward-looking information' within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the use of the proceeds from the Offering and the prospects of the Project, and any other information herein that is not a historical fact may be 'forward-looking information'. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'interpreted', 'management's view', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, volatility in the trading price of the Common Shares, Fredonia's ability to complete further exploration activities, property interests, the results of exploration activities, risks relating to mining activities, the global economic climate, metal prices, dilution, environmental risks, changes in the tax and regulatory regime, and community and non-governmental actions, and management's discretion with respect to use of proceeds. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
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