VANCOUVER, BC / ACCESSWIRE / June 1, 2022 / Sebastiani Ventures Corp. (the "Company") (TSXV:SBS.H) announces that further to its press release dated May 19, 2022, it has closed a non-brokered private placement (the "Financing") of 3,333,333 units ("Units") of the Company at a price of $0.075 per Unit for proceeds of $250,000. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.10 until June 1, 2023. The securities being issued pursuant to the Financing are subject to a hold period expiring October 2, 2022.
The Financing included participation by Scott Ackerman, CEO of the Company, for an amount of $100,000.
Insider participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Sebastiani has relied upon the exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively. Neither the fair market value of the Units purchased by such insider nor the fair market value of the consideration paid for them exceeds 25% of Sebastiani's market capitalization.The Company did not file a material change report more than 21 days before the closing date of the Financing (the "Closing Date") due to the limited time between the launch date of the Financing and the Closing Date.
No finder's fees were paid in connection with the Financing. The proceeds of the Financing will be used by the Company for general working capital purposes.
For further information, contact Scott Ackerman at 1-778-331-8505 or [email protected].
On Behalf of the Board of Directors of:
SEBASTIANI VENTURES CORP.
Sebastiani Ventures Corp.
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SEBASTIANI VENTURES CORP.
1600 - 609 Granville Street
Vancouver, British Columbia V7Y 1C3
SOURCE: Sebastiani Ventures Corp.