(December 13, 2017) – Iconic Minerals Ltd. (TSX‑V: ICM / FSE: YQGB / OTC: BVTEF) announces the negotiation of a private placement for gross proceeds of up to $600,000 (the “Financing”), subject to acceptance by the TSX Venture Exchange. These funds will be raised by the Company issuing up to 6,000,000 units (the “Units”), at a price of $0.10 per Unit, each Unit consisting of one common share and one share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of two (2) years from the date of issuance at a price of $0.15 per share (provided that in the event that the weighted average closing price of the Company’s shares on the TSX Venture Exchange (the “TSX-V”) equals or exceeds $0.25 per share during any 20 non-consecutive trading days in a 365 day period, commencing four (4) months after the date of issuance of the Warrants, then the Company may, within 20 days of such an occurrence, give notice in writing to the holders of the Warrants that the Warrants shall expire at 5:00 p.m. (Vancouver time) on the 20th business day following delivery of such notice unless exercised by the holders of the Warrants prior to such time).
Proceeds raised will be used toward expenditures required for the Bonnie Claire lithium Property, and for general working capital purposes.
The Company may pay finders’ fees in connection with the Financing in accordance with the rules and policies of the TSX-V.
One Insider (the “Related Party”), will directly and/or indirectly subscribe for an aggregate of up 2,500,000 Units from the Financing, which will increase that Related Party’s pro rata shareholdings in the Company (the “Related Party Transaction”). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the Related Party Transaction being less than 25% of the Company’s market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the Ontario Securities Commission’s Rule 61-501.
On behalf of the Board of Directors
SIGNED: “Jurgen Wolf”
Jurgen Wolf, Director
Contact: (604) 336-8614
For further information on ICM, please visit our website at www.iconicmineralsltd.com
The Company’s public documents may be accessed at www.sedar.com
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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.