CoTec Holdings Corp. - News
Summary
Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.25 for a period of 12 months following the issuance of the Units.Pursuant to the Closing, the Corporation issued a total of 607,276 Units for gross proceeds of $455,457, resulting in an aggregate total of 2,599,076 Units issued in the Private Placement for aggregate gross proceeds of $1,949,307. The Corporation has used and will use the gross proceeds of the Private Placement to fund pending investment commitments, to repay amounts owing to Kings Chapel International Limited and for working capital purposes.Insiders of the Corporation participated in the Private Placement and purchased an aggregate of 222,276 Units for gross proceeds of $166,707. The Corporation did not file a material change report more than 21 days before the expected date of the Closing as the participation therein by related parties was not settled until shortly prior to Closing.All securities issued to Canadian investors in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX- V") and the OTCQB and trades under the symbol CTH and CTHCF respectively. The Company is an environment, social, and governance ("ESG")-focused company investing in innovative technologies that have the potential to fundamentally change the way metals and minerals can be extracted and processed for the purpose of applying those technologies to undervalued operating assets and recycling opportunities, as the Company transitions into a mid- tier mineral resource producer.CoTec is committed to supporting the transition to a lower carbon future for the extraction industry, a sector on the cusp of a green revolution as it embraces technology and innovation. Actual results in each case could differ materially from those currently anticipated in such statements.Neither 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 news release.NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES