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CALGARY, AB / ACCESSWIRE / June 17, 2020 / Jade Leader Corp. (TSXV:JADE) ("Jade Leader" or "the Company") is pleased to announce that it has closed a non-brokered private placement for 9,000,000 Units ("Units") at a price of $0.05 per Unit and gross proceeds of $450,000.
Each Unit consisted of one common share and a half common share purchase warrant. Each full common share purchase warrant ("Warrant") entitles the holder to purchase an additional common share at a price of $0.10 per share for a period of two years following closing. The Units were offered to accredited investors and all securities issued under the offering will be subject to a hold period of four months plus one day or October 18, 2020. Jade Leader has agreed to pay finder's fees of $2,000 in connection with the financing.
In connection with the Private Placement, insiders purchased a total of 1,260,000 Units. The participation of those individuals constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument MI 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. 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 as the fair market value of the subject matter of the Private Placement does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.
On Behalf of the Board of Directors,
"Jean-Pierre Jutras"
Jean-Pierre Jutras,
President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Jade Leader's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Jade Leader. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Jade Leader's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Jade Leader's filings with the Canadian securities authorities. Accordingly, holders of Jade Leader shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Jade Leader disclaims any responsibility to update these forward-looking statements.
For Further Information Contact:
[email protected]
Or Jean Pierre Jutras, President
at 1.403.233.0464
SOURCE: Jade Leader Corp.