Icon Exploration Inc. Closes $406,600 Private Placement with Insider Participation
Toronto, Ontario–(Newsfile Corp. – December 18, 2017) – Icon Exploration Inc. (TSXV: IEX.H) (“Icon” or “the Company”) is pleased to announce that it has closed its non-brokered private placement and has issued 5,082,500 units for gross proceeds of $406,600.
Insiders of the Company purchased a total of 625,000 units under the private placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the private placement.
In connection with the private placement, the Company paid cash finder’s fees totaling $15,000 and issued finder’s warrants exercisable into 150,000 finder’s units at a price of $0.08/finder’s unit. Each finder’s unit is comprised of one share and ½ warrant, with each whole warrant exercisable into one share at a price of $0.15/share for one year, subject to certain
All securities issued pursuant to the private placement will be subject to a four month hold period expiring April 16, 2018.
Rob Fia, CEO commented:
“Icon is pleased with the demand for this private placement. The capital will allow Icon to complete the final leg of due diligence to secure a medical marijuana asset and transition the company into the medical marijuana industry in the near future.”
For further information contact:
Icon Exploration Inc.
Rob Fia, CEO & Director
ABOUT ICON EXPLORATION INC.
Icon is a publicly traded company on the NEX Exchange (TSXV: IEX.H) our primary objective is to create a well-diversified company that will produce long-term returns for its shareholders and investors. Our current focus is on assessing potential acquisition targets in the cannabis industry. www.iconexploration.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.