Inca One closes $601,459 private placement
2015-08-25 16:14 ET - News Release
Mr. Edward Kelly reports
INCA ONE ANNOUNCES CLOSING OF OVERSUBSCRIBED NON- BROKERED PRIVATE PLACEMENT
Inca One Gold Corp., further to its news release dated Aug. 17, 2015, has closed the previously announced non-brokered private placement for gross proceeds of $601,459, an oversubscription of $101,459.
The oversubscribed private placement will consist of 4,009,726 common shares of the company at a price of 15 cents per share. Insiders of the company have subscribed for shares under the private placement. The issuance of shares to insiders pursuant to the private placement (insider participation) will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (MI 61-101). The company intends to rely on the exemptions from the 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 in respect of any insider participation.
The net proceeds from the private placement will be used for general working capital purposes, as applicable. All securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation, expiring on Dec. 26, 2015.
We seek Safe Harbor.
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