VANCOUVER, BC / ACCESSWIRE / June 17, 2020 / VERTICAL EXPLORATION INC. (TSXV:VERT) ("Vertical" or "the Company") is pleased to announce that further to its Press Releases dated January 24, 2020, March 4, 2020, April 13, 2020 & May 26, 2020 the Company has closed its non-brokered private placement. The Company issued 18,999,929 common share units (the "Units") at a price of $0.035 per Unit for aggregate gross proceeds of $664,997.52.
Finder's fees of $8,025.50 and 229,300 finder's warrants were paid to arm's length parties. Each finder's warrant entitles the finder to purchase one common share in the Company for a purchase price of $0.05 for a period of 12 months from the date of closing.
The shares and warrants comprising the units and the finder's warrants are subject to a 4 month hold period expiring October 18, 2020.
Proceeds raised from the Offering will be used to advance the Company's St. Onge project in Quebec, for general working capital and unallocated funds as per Tier 2 status requirements.
This offering is subject to TSX Venture Exchange final approval.
ABOUT VERTICAL EXPLORATION
Vertical Exploration's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company's flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-785-5513
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Vertical Exploration Inc.