Oakville, ON, Oct. 22, 2014 /CNW/ - Canoe Mining Ventures Corp.
(TSXV: CLV) ("Canoe") announces that it has closed the first
tranche of its previously announced non-brokered private placement
(the "Private Placement"). Canoe issued 886,667 units at a
price of $0.15 per unit for total
gross proceeds of $133,000, with each
unit consisting of one Canoe common share and one-half of one
common share purchase warrant. Each whole common share purchase
warrant entitles the holder to acquire one common share of Canoe at
a price of $0.25 for a period of 24
months until October 22, 2016.
All securities issued under the first tranche of the Private
Placement are subject to a 4 month and 1 day statutory hold period
until February 23, 2015. Canoe
intends to use the net proceeds from the first tranche of the
Private Placement for general working capital purposes and for
project acquisitions.
Certain directors, officers and other insiders of Canoe
participated in the first tranche of the Private Placement
constituting related party transactions pursuant to TSX Venture
Exchange ("TSXV") Policy 5.9 and Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). Canoe relied on Section 5.5(a)
of MI 61-101 for an exemption from the formal valuation requirement
and Section 5.7(1)(a) of MI 61-101 for an exemption from the
minority shareholder approval requirement of MI 61-101 as neither
the fair market value of securities being issued to insiders nor
the consideration being paid by insiders will exceed 25% of Canoe's
market capitalization.
Canoe also announces it has extended the closing date of the
Private Placement to November 30,
2014.
In addition, Canoe has received TSXV approval of the debt
settlement agreement announced on October
21, 2014, and has issued 1,250,000 common shares to Alto
Ventures at a deemed price of $250,000. All securities issued are subject to a
4 month and 1 day statutory hold period until February 22, 2015.
Additional information and corporate documents may be found on
www.sedar.com and on the Canoe Mining website:
www.canoemining.com.
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 news release.
On Behalf of the Board of Directors of Canoe Mining,
Duane Parnham, President and CEO
SOURCE Canoe Mining Ventures Corp.
