VLV: $0.155

VENERABLE ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

NEWS RELEASE

 

December 15, 2016                                                                                                       TSX-V: VLV

 

VENERABLE ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Venerable Ventures Ltd. (the “Company”) (TSX-V: VLV) announces that on December 13, 2016, it completed a non-brokered private placement financing (the “Financing”) as further described in its news releases of November 3, 2016 and November 24, 2016. In connection with the closing of the Financing, the Company sold an aggregate of 2,500,000 units (each, a “Unit”), at a price of $0.11 per Unit, for gross proceeds of $275,000. Each Unit consists of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one additional Share at a price of $0.15 per Share for a period of two years from the date of issuance.

Proceeds from the Financing will be used for general working capital.

The Company paid cash finders fees of $1,760, issued 16,000 share purchase warrants (the “Finder’s Warrants”) and issued 160,000 Units in connection with certain subscriptions in the Financing. The Finder’s Warrants have the same terms as the Warrants.

Insiders of the Company were issued an aggregate of 300,000 Units under the Financing, which constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance to insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company’s shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares issued to the related parties did not exceed 25% of the Company’s market capitalization.

The securities issued under the Financing, and the Shares that may be issuable on exercise of the Warrants and the Finder’s Warrants, are subject to a statutory hold period expiring on April 14, 2017.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF VENERABLE VENTURES LTD.

 

Per: “Ryan Sharp”                      

Ryan Sharp

President and CEO

 

For further information, please contact:

 

Ryan Sharp, President and CEO Phone: 778.999.1486

 

Neither the 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 release.

Recent Updates

December 20, 2016
VENERABLE VENTURES ANNOUNCES THE APPOINTMENT OF A NEW BOARD MEMBER (more...)

December 15, 2016
VENERABLE ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT (more...)

November 24, 2016
VENERABLE ANNOUNCES AMENDED PRIVATE PLACEMENT TERMS (more...)