Plateau Energy Metals Inc. (TSX-V: PLU | OTCQB: PLUUF) is pleased to announce that it has closed both non-brokered private placements announced on April 8, 2020 and May 11, 2020, for aggregate gross proceeds of approximately C$3,664,500.
Pursuant to the April Offering, the Company has issued a total of 14,669,992 units at a price of C$0.19 per April Offering Unit and pursuant to the May Offering, the Company has issued a total of 4,150,000 units at a price of C$0.21 per May Offering Unit. The Units consist of one common share in the capital of the Company and one common share purchase warrant exercisable to acquire one Share at an exercise price of C$0.40 per Share for a period of four years from the date of issuance. If, at any time after the date that is four months and one day after the date of issuance of the Warrant, the closing price of the Company’s common shares on the TSX-V (or such other stock exchange on which the common shares may be traded from time to time) is at or above C$0.80 per share for a period of 20 consecutive trading days, the Company may, within 10 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice via press release to the holders of the Warrants. The Warrants will expire on the first day that is 30 business days after the date on which notice has been provided by the Company announcing the Triggering Event.
Insiders of the Company subscribed for approximately 4,110,227 April Offering Units and 34,640 of the May Offering Units.
In connection with the April Offering, the Company paid total finder’s fees of C$76,551.57 in units to Haywood Securities Inc. and C$22,590.03 in units to First Globe Capital, on the same terms as the Units in the April Offering.
All securities issued under the Offerings will be subject to a statutory hold period of four months and one day under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The subscription by insiders pursuant to the Offerings is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Offerings by insiders does not exceed 25% of the fair market value of the Company’s market capitalization.
About Plateau Energy Metals
Plateau Energy Metals Inc., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru, both of which are situated near significant infrastructure.
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We acknowledge the [financial] support of the Government of Canada.