Genesis Acquisition closes $300,000 private placement

Executive Summary

• Genesis Acquisition Corp. closed a non-brokered private placement of 1.5 million common shares at $0.20 per share, raising $300,000 in gross proceeds.
• Proceeds are intended to fund costs associated with the qualifying transaction with Nusa Nickel Corp., including an anticipated loan of up to $150,000 to Nusa.
• The loan to Nusa carries an 8.5% annual interest rate, matures in one year, is secured by Nusa's assets, and may be forgiven if the qualifying transaction does not complete.

Key Details

• Transaction Type: Non-brokered private placement of common shares.
• Shares Issued: 1.5 million common shares.
• Price Per Share: $0.20 CAD.
• Gross Proceeds: $300,000 CAD.
• Use of Proceeds:
  • To pay costs associated with completing the qualifying transaction with Nusa Nickel Corp.
  • To loan up to $150,000 to Nusa Nickel Corp.
• Loan Terms (Nusa Nickel Corp.):
  • Amount: Up to $150,000.
  • Interest Rate: 8.5% per annum.
  • Maturity: One year from the date funds are advanced.
  • Security: Secured against the assets of Nusa.
  • Forgiveness Clause: The loan may be forgiven if the proposed qualifying transaction is not completed.
• Regulatory Conditions: The loan is subject to receipt of all requisite approvals, including approval from the TSX Venture Exchange.
• Hold Period: Shares are subject to a four-month-and-one-day hold period under Canadian securities laws and TSX-V policies.

Notable Quotes

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