This completion of a PP is a necessary additional funding for possible drilling .
I have respect for the CEO Mr. A Cohen but hope other investors have participated in the funding. Just to show outside interest in the company.
"(“Plato” or the “Corporation”) is pleased to announce that further to its news release dated May 21, 2020, it has increased and completed a non-brokered private placement (the “Offering”) of 3,069,990 common shares (“Shares”) at a price of CAN$0.05 per Share for gross proceeds of $153,500.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period.
The Corporation intends to use the net proceeds from the Offering on exploration to advance the Good Hope Niobium Property, the Pic River PGM Project, and for general working capital purposes.
The participation in the Offering by Greg Wong, James Cohen, and Anthony Cohen are “related party transactions” as such terms are defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), requiring the Corporation, in the absence of exemptions, to obtain a formal valuation for and minority shareholder approval of the “related party transactions”. The Corporation is relying on an exemption from the requirement to obtain formal valuation and minority shareholder approval as the fair market value of the participation in the Offering by the Insiders does not exceed 25% of the market capitalization of the Corporation, as determined in accordance with MI 61-101.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities."
AI
