Financings
International Prospect Ventures Closes $602,000 Private Placement Financing
IZZ · Price
Executive Summary
- International Prospect Ventures Ltd. completed a non‑brokered private placement raising $602,000 in gross proceeds.
- The offering issued 12,040,000 units at $0.05 per unit (each unit = 1 common share + 1 warrant to purchase a share at $0.07, exercisable until 14 Oct 2028).
- The placement was oversubscribed by 40,000 units, adding an extra $2,000 to proceeds; insiders contributed $256,000, constituting a related‑party transaction.
Key Details
- Units Issued: 12,040,000 at $0.05 per unit → gross proceeds $602,000.
- Unit Composition: 1 common share + 1 non‑transferable warrant (exercise price $0.07, expiry 14 Oct 2028).
- Oversubscription: Additional 40,000 units purchased, contributing an extra $2,000 beyond the previously announced amount.
- Insider Participation: Four insiders subscribed for cash consideration of $256,000, qualifying as a Related Party Transaction under TSX‑V Policy 5.9.
- Exemptions Utilized: Section 5.5(c) MI 61‑101 (distribution of securities for cash) and Section 5.7(1)(b) MI 61‑101 (minority shareholder approval exemption).
- Finder’s Fees: Issued 265,200 common shares at a deemed price of $0.05 to an arm’s‑length party, covering $13,260 in finder’s fees; also issued 265,200 finder’s warrants (exercise price $0.07, expiry 14 Oct 2028).
- Use of Proceeds: Net proceeds will be applied to general corporate purposes.
- Holding Period: All securities issued are subject to a hold period until 15 Feb 2026, per TSX‑V and securities legislation.
Notable Quotes
(No executive quotes were provided in the release.)