Next Gen Metals Closes Private Placement
Next Gen Metals (CSE:N) has closed the second and final tranche of a previously announced private placement for proceeds of $44,000. Proceeds from the placement will be used for acquisitions, investments and working capital to advance its initiatives in the burgeoning marijuana and hemp industries.
As quoted in the press release:
The Company issued 550,000 units at a price of $0.08 per unit. Each unit consists of one common share (a “Common Share”) and one‐half of one non‐transferrable share purchase warrant (a “Warrant”). Each full Warrant entitles the holder to purchase one Common Share at a price of $0.16 per share during the first year and $0.20 per share during the second year. Finder’s fees were paid in connection with the financing in the amount of $1,200 and 15,000 finder’s warrants. The finder’s warrants are on the same terms as the financing Warrants. All securities issued are subject to a four month and a day hold period expiring on February 1, 2015.