Genius Announces Closing of Financing and Acquisitions
MONTREAL, QUÉBEC--(Marketwired - May 26, 2017) - Genius Properties Ltd. ("Genius" or the "Company") (CSE:GNI)(CSE:GNI.CN)(CNSX:GNI) is pleased to announce the closing of its previously announced non-brokered private placement offering (the "Offering") of 5,441,566 units of the Company (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of $831,250. Each unit consists of one (1) common share (a "Share") and one half of one (1/2) share purchase warrant, entitling the holder to purchase an additional common share at a price of $0.25 per share until May 26, 2018 (the "Warrant Expiry Date").
In the event that, during the period following 12 months from the closing date, the volume-weighted average trading price of the Shares exceeds $0.50 per Share for any period of 20 consecutive trading days, the Company may, at its option, following such 20-day period, accelerate the Warrant Expiry Date by delivery of notice to the registered holders (an "Acceleration Notice") thereof and issuing a press release (a "Warrant Acceleration Press Release", and, in such case, the Warrant Expiry Date shall be deemed to be 5:00 p.m. (Montreal time) on the 30th day following the later of (i) the date on which the Acceleration Notice is sent to Warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.
The net proceeds of the private placement will be used for exploration and general working capital.
The Company is also pleased to report that it closed the acquisitions of a 100% interest in the Sakami and Kuujjuaq properties, which cover various mineral resources in the Province of Quebec (the "Acquisitions"). The terms of the Acquisitions are more fully described in the Company's news release dated April 6, 2017.
All securities issued under the Acquisitions and the Offering are subject to a hold period expiring September 27, 2017.
About Genius Properties
Genius is a Canadian mineral exploration company focused on developing projects with some of the world's most critical metals and minerals. Genius is the ideal partner for exploration companies and capital pool companies looking for a qualifying transaction and projects of merit.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
President & CEO