Vatic Ventures Corp. Closes Financing
Vancouver, BC, November 16, 2017 – Vatic Ventures Corp. (the “Company” or “Vatic”) (NEX VCV.H and Frankfurt: V8V) Further to the August 31, 2017 release the Company announces that, subject to final acceptance by the NEX Board of the TSX Venture Exchange, it has closed its non-brokered private placement financing with gross proceeds of $497,628.30, consisting of 9,952,566 units (“Units”) at a price of $0.05 per Unit. Each Unit includes one (1) full Common Share Purchase Warrant exercisable at $0.10 for 12 months from the date of issuance.
All securities issued in the placement are subject to a four-month hold period. The proceeds raised from the financing will be used to conduct further development on its potash licenses in Thailand held by its subsidiary Saksrithai Development Co. and for working capital purposes.
$52,500 of the Financing is being distributed pursuant to BC Instrument 45-536 with the remainder to be distributed under other exemptions.
Finder’s fees have been paid on the financing in accordance with regulatory policies.
The financing was effected with three insiders of the Company subscribing for 2,300,000 Units on completion of the private placement, for aggregate subscription proceeds of $115,000 that portion of the financing a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101″). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than the 25% of the Company’s market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets.
Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.
About Saksrithai Development Co. Ltd: Saksrithai Development Co. Ltd. (Saksrithai) is a private Thai company which is the holder of two contiguous Special Prospecting Licences (SPLs) for potash
exploration, issued in 2015.
The licenses encompass an area of 32 km2 in Nakhon Ratchasima province, northeast Thailand and are adjacent to the Thai Kali Company’s Dan Khun Thot potash mine which is currently under construction. Asean Potash Chaiyaphum Plc’s Bamnet Narong mine, also under construction, is located some 40 km from the Saksrithai project.
The Company holds an 80% shareholding in Saksrithai and Dr. Gerry Wright acts as Saksrithai’s Managing Director.
ON BEHALF OF THE BOARD OF DIRECTORS.
Dr. Gerry Wright, CEO and Director.
ABOUT VATIC VENTURES CORP.
Vatic Ventures Corp (www.vaticventures.com) is a junior exploration company exploring and developing potash licenses in Thailand.