Carlyle Commodities Corp (CSE:CCC, OTCQB:CCCFF) has announced the closing of a non-brokered private placement under which it issued an aggregate of 1,341,666 units, at $0.15 each, for gross proceeds of $201,250.
The mineral exploration company said proceeds of the offering are expected to be used for general working capital purposes, adding that it will not be proceeding with any further tranches of the previously-announced private placement.
Each unit in the offering consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional share for $0.375 per warrant share for 36 months following issuance. It said the warrants are subject to an acceleration provision whereby in the event the shares have a closing price of $0.50 or greater for 10 consecutive trading days, the company may accelerate the expiry date of the warrants by giving notice to the holders, in which case the warrants will expire on the 30th day after the date of the notice.
Carlyle said a finder's commission of 53,333 finder's warrants exercisable at $0.15 each into 53,333 units of the company was issued in connection with the closing of the offering. Each finder unit consists of one share and one-half of one warrant, with each warrant entitling the holder thereof to purchase one warrant share for $0.375 for 36 months following issuance.
Stock options
Carlyle said it has approved the issuance of 1.9 million stock options to certain of its officers, directors, and consultants to buy up to 1.9 million of its common shares under its stock option plan. Each option vested immediately and is exercisable for five years at an exercise price of $0.145 per share, it added.
Engagement of market maker
The company also announced that it has entered into a market-making agreement under which it has retained Independent Trading Group Inc. (ITG) to provide market-making services under the policies of the CS. ITG will trade shares on the CSE to maintain an orderly market and improve the liquidity of the company's shares.
The ITG Agreement is for an infinite term and may be terminated on 30 days' notice, Carlyle said. It will be compensated $7,000 per month and will be paid by the company from its working capital resources.
Marketing and awareness initiatives
Additionally, it has entered into a marketing and market awareness agreement with David Skarica to help to build media awareness through social media marketing, creating email ad words and search traffic, facilitating a video and or podcast interview with Skarica and sending press releases and news to Skarica's list of subscribers on his website http://AddictedtoProfits.net. Also, Skarica through third parties including Mike Swanson and the Junior Mining Stock Network will disseminate news and materials about the company to a list of nearly 35,000 subscribers and will drive traffic to its website. Under the marketing agreement, Carlyle engaged Skarica on March 1, 2023, for 30 days for a total remuneration of $50,000.
OTCQB ticker symbol change
Carlyle also noted that it has changed its ticker symbol from ‘DLRYF’ to ‘CCCFF’ on the OTCQB Venture Market. The ticker symbol change took effect on March 15, 2023.
Carlyle is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Carlyle owns 100% of the Newton Project in the Clinton Mining Division of British Columbia
Contact the author at stephen.gunnion@proactiveinvestors.com