Hinterland Metals Announces Date to Hold 2020 Annual General and Special Meeting of Shareholders and a Non-Brokered Private Placement
The Company is also pleased to announce a proposed offering of units of the Company (the "Unit") up to $15,000 by way of a non-brokered private placement (the "Offering"). Each Unit consists of one (1) unsecured convertible debenture of the Company (the "Debenture") with principal amount of $1,000 (the "Original Principal Amount"), bearing interest at 15% per annum, maturing one year from the date of issuance (the "Closing Date"), and 100,000 common share purchase warrants of the Company (the "Warrant"). Subject to the terms and conditions of the subscription agreement, the Original Principal Amount, together with any accrued and unpaid interest thereon, is convertible, in whole or in part, at any time while any portion of the Original Principal Amount is outstanding, into common shares of the Corporation (the "Share") at $0.01 per Share; and each Warrant entitles the holder thereof to acquire one (1) Share at an exercise price of $0.01 per Share for a period of three years from the date of issuance. The Closing Date is scheduled to be on or about July 13, 2020.
All securities issued in connection with the Offering will be subject to a four month and a day hold period under applicable securities laws.
This Offering does not impact in any way Hinterland's proposed transaction with Novamind Ventrues Inc. (the "Novamind Transaction") as disclosed in a news release on July 5, 2020. For greater certainty, the valuation of Hinterland's share capital remains unchanged under the Novamind Transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Hinterland is an unlisted Canadian public company, reporting in the provinces of British Columbia, Alberta and Quebec.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Hinterland. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to, the anticipated closing of the Offering, the anticipated use of proceeds. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Not for distribution to United States newswire services or for dissemination in the United States.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
ON BEHALF OF THE BOARD
CEO, CFO & Director
For additional information please contact:
Hinterland Metals Inc.
1 Adelaide Street East, Suite 801
Toronto, Ontario M5C 2V9Z
Binyomin Posen, Director, Chief Executive Officer, and Chief Financial Officer