Toronto, Ontario--(Newsfile Corp. - July 13, 2018) - Chantrell Ventures Corp. (TSXV: CV.H) (the "Company") is pleased to announce that it has completed a non-brokered private placement previously announced on June 12, 2018 (the "Private Placement") for aggregate gross proceeds of $270,000. The Private Placement involved the issuance of 5,400,000 common shares. The proceeds will be used for general working capital purposes and to assist in conducting due diligence of potential business opportunities. All common shares issued pursuant to this Private Placement will be subject to a four-month and a day hold period.
Pursuant to the Private Placement, Medalist Capital Ltd. ("Medalist") acquired 4,100,000 common shares of the Company, representing approximately 17.1% of the Company's issued and outstanding common shares on a non-diluted basis. Prior to the completion of Private Placement, Medalist did not own any common shares of the Company. Depending on market and other conditions, or as future circumstances may dictate, Medalist may from time to time increase or decrease its holdings of common shares of the Company.
An insider of the Company acquired directly a total of $30,000 of common shares or 600,000 common shares in the Private Placement on the same basis as other participants. The direct participation in the Private Placement by an insider of the Company constitutes 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 the exemptions from the formal valuation and minority approval requirements under MI 61-101.
A material change report in connection with the Private Placements will be filed less than 21 days before the closing of the Private Placement. The Company believes this shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Private Placements in a timely manner.
For more information please see the Company website at www.chantrell.ca.
Further Information Contact:
For further information please contact Paul Parisotto President, CEO, CFO and Director at 416.874.1702.
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.