CanAm Coal is pleased to announce that it intends to complete a non-brokered private placement of up to 900,000 units at a price of $0.17 per unit for gross proceeds of up to $153,000. Each unit will consist of one common share and one half common share purchase warrant. Each warrant is exercisable at $0.22 per common share for a period of two years from closing. This private placement will be fully subscribed for by Mr. Scott Bolton, who has been appointed Chief Financial Officer of the Company, and by Mr. Timothy Nakaska, a director of the Company.
Proceeds of the private placement will be used for general operating purposes. The completion of the private placement is subject to regulatory approval. CanAm has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the units to Mr. Nakaska and Mr. Bolton (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
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