pcNewsWire – Alaska Hydro Corporation (TSX-V: AKH) has closed a second tranche of its previously announced private placement of flow-through (FT) common shares, issuing 950,000 FT Shares at a price of $0.10 per FT share for gross proceeds of $95,000, bringing the total proceeds raised under the Offering to $110,000.
ALASKA HYDRO CLOSES 2nd TRANCHE OF PRIVATE PLACEMENT
May 19, 2017 – Vancouver, British Columbia – Alaska Hydro Corporation (the “Company”) wishes to announce that it is closed upon a second tranche of its previously announced private placement (the “Offering”) of flow-through common shares (the “FT Shares”) at a price of $0.10 per FT Share. Under the second tranche, the Company issued 950,000 FT Shares for gross proceeds of $95,000, bringing the total proceeds raised under the Offering to $110,000.
The Offering was made available to existing securityholders of the Company as of April 4, 2017 (the “Record Date”) utilizing BC Instrument 45-534 Exemption from Prospectus Requirements for Certain Trades to Existing Securityholders and other provincial equivalents. In the subscription agreement, applicable subscribers certified that, on or before the Record Date, they acquired and held, a common share of the Company.
All proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Renewable and Conservation Expenses (as such term is defined in the Income Tax Act (Canada)), which will be renounced to the subscribers in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares. Haywood Securities Inc. received 17,500 common shares of the Company at a deemed price of $0.10 per common shares as payment of a finder’s fee in connection with the Offering.
All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities laws. The Offering remains subject to final approval of the TSX
For further information, please contact:
Cliff Grandison, Interim President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Alaska Hydro Corporation