Tosca Resources Corp. Announces Close of Private Placement
05.05.2015 | FSCwire
Vancouver, British Columbia (FSCwire) - Tosca Resources Corp (CSE:TSQ, FSE:TQ4, OTCBB:TSMNF) announced today that its March 19, 2015 non-brokered private placement closed effective May 1, 2015. The Company received subscriptions for a total of 4,359,500 units at $.15 cents per unit for gross proceeds of $653,925.Each unit consists of one common share and one non-transferrable share purchase warrant. Each warrant entitles the holder to purchase one further common share at a price of $0.25 for a period of one year and $0.35 for a further one year period, expiring May 1, 2017. Shares forming part of the units and any shares acquired on exercise of the warrants are subject to restrictions on resale to September 2, 2015.
The Company has agreed to pay aggregate finder’s fees in connection with the placement of $1,200 and issue 8,000 warrants to Canaccord Genuity.
The funds raised will be used for final due diligence on Tosca’s proposed acquisition of Hatch Interactive Technologies Corp. announced March 19,2015 and for general working capital.
In addition, the Company reports that Paolo Affif, an individual, with an address at Basola Gardens, Block 2, Apt 208, Ledas Street, 4/5, 8041 Pafos, Cyprus, participated in the placement acquiring 1,810,000 units which, together with a total of 590,875 shares previously held, represents approximately 17.7% of the Company’s issued and outstanding shares without giving effect to the exercise of any warrants. The Company is advised that the units acquired were acquired for investment purposes. Mr. Affif has filed an early warning report which is available for review on www.sedar.com.
On behalf of the Board of Directors,
“Ron Shenton”
President, Tosca Resources Corp
DISCLAIMER: The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Tosca’s control. Some of these risks and uncertainties may be described in Tosca’s corporate filings (posted at www.sedar.com).
The Company has no intention or obligation to update or revise any forward looking statements due to new information or events.