SIMPLY SOLVENTLESS ANNOUNCES INTENT TO OVER SUBSCRIBE $0.25 UNIT FINANCING FROM $3.5 MILLION TO UP TO $3.85 MILLION
Not for distribution to
Each Unit consists of one common share ("Common Share") and one-half of one common share purchase warrant ("Warrant") of SSC, with each whole warrant being exercisable for one Common Share of SSC at a price of
All securities issued under the Financing will be subject to a hold period expiring four months and one day from the date of issue. The Financing is expected to close on or around
As previously announced on
The completion of the Financing is subject to the approval of the TSXV.
On a proforma basis, assuming completion of the maximum Financing, SSC is expected to have approximately 69.2 million Common Shares outstanding (basic), of which approximately 22% will be held by insiders (assuming 15,400,000 Units are issued). Of SSC's outstanding Common Shares, approximately 17.0 million (22% assuming 15,400,000 Units are issued) are escrowed pursuant to TSXV policies. Further details with respect to SSC's escrowed securities can be found in SSC's filing statement dated
About
SSC is a public company incorporated under the Business Corporations Act (
For more information regarding SSC, please see www.simplysolventless.ca.
For SSC's current investor presentation, please see the following link: Investor Presentation.
Notice on Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the use of proceeds of the Financing, the expected closing date of the Financing and the securities of SSC outstanding on closing of the Financing. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material risks, factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the ability to satisfy conditions precedent to the closing of the Financing, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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