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Blacksteel Energy Inc Announces Initial Closing Of Private Placement

Wednesday, 1 May 2013 05:06pm EDT 

Blacksteel Energy Inc announced that it has completed an initial closing of its previously announced non-brokered private placement for gross proceeds of $390,600. The Corporation anticipates a final closing to occur by approximately May 31, 2013. The Initial Closing consisted of: (a) the issuance of 550,000 common shares (the Common Shares) of the Corporation on a flow-through basis pursuant to the Income Tax Act (Canada) (the Flow-Through Shares) at a subscription price of $0.15 per Flow-Through Share for gross proceeds of $82,500; and (b) the issuance of 2,370,000 units (the Units) of the Corporation at a price of $0.13 per Unit for gross proceeds of $308,100. Each Unit consists of one Common Share and one warrant (the Warrant). Each Warrant will entitle the holder to acquire an additional Common Share at an exercise price of $0.20 on or before April 30, 2014. Blacksteel paid a finder's fee to Canaccord Genuity Corp. under the Initial Closing of a cash commission equal to $39,060, an option to purchase up to 55,000 Common Shares at an exercise price of $0.15 and an additional option entitling it to acquire up to 237,000 Units at an exercise price of $0.13. The options expire twelve months from the date of issuance. 

Company Quote

15 Dec 2014