Financings
Arcland Resources arranges $85,000 private placement
ADR · Price
Executive Summary
- Arcland Resources Inc. announced a non‑brokered private placement of 850,000 common shares at $0.10 per share for gross proceeds of $85,000.
- The shares will be subject to a hold period of four months and one day and are pending TSX Venture Exchange review.
- Net proceeds are earmarked for working capital and general corporate purposes.
Key Details
- Placement Size: 850,000 common shares.
- Price per Share: $0.10.
- Gross Proceeds: $85,000.
- Hold Period: Four months and one day from the date of issuance.
- Regulatory Review: Subject to TSX Venture Exchange acceptance.
- Use of Proceeds: Working capital and general corporate purposes.
- Related Party Transaction: Participation by directors/officers would be a related‑party transaction under MI 61-101; the company is exempt from formal valuation and minority shareholder approval due to its status (not listed on a specified market, distribution ≤ $2.5 M).
- Control Impact: Not expected to create a new control person.
- Safe Harbor Statement: Included.