pcNewsWire – Stem 7 Capital Inc. (TSX-V: STS.H) has closed its previously announced private placement of 8,500,000 units at a price of $0.05 per unit for gross proceeds of $425,000.
Net proceeds will be used for general working capital.
Stem 7 Capital Closes Private Placement of Units, Grants Stock Options
May 30th, 2017 – Vancouver, B.C. – Stem 7 Capital Inc. (“Stem 7” or the “Company”) (TSXV: STS.H) is pleased to announce it has closed its previously announced private placement of units (the “Units”) of the Company (the “Private Placement”).
The Company issued in aggregate a total of 8,500,000 Units at a price of $0.05 per Unit for gross proceeds of C$425,000. Each Unit consisted of one common share of the Company (a “Share”) and one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share of the Company at an exercise price of $0.10 for a period of 12 months from closing.
Management and insiders subscribed for 915,000 Units for $45,750, and one pro investor subscribed for 50,000 units for $2,500 for total proceeds of $48,250 to the Company.
All securities issuable pursuant to the private placement will be subject to a four-month hold from the closing date, in accordance with applicable securities laws. In addition to the four-month hold, all Private Placement subscribers have entered into a voluntary pooling agreement with the company whereby the common shares are subject to a 20% release every three months starting December 1st, 2017.
No commissions were payable in connection with this Private Placement. Net proceeds will be used for general working capital.
The Company also wishes to announce the granting of incentive stock options to certain directors, officers and consultants to purchase up to 1,600,000 common shares under the Company’s Incentive Stock Option Plan. The options will be granted for a period of five (5) years, commencing on May 30th, 2017, exercisable at a price of $0.30 per share.
On behalf of the Board,
Chairman & CEO
Ph: +1 (778) 773-4560
For additional information, please contact:
Ph: +1 (604) 506-2502
SOURCE: Stem 7 Capital Inc.