Infinity Stone Ventures Corp (CSE:GEMS) has announced the completion of a non-brokered private placement comprised of 6.4 million company units, at a price of C$0.25 per unit, for gross proceeds of C$1.6 million, as well as a non-brokered private placement of 1,428,571 flow-through (FT) Infinity Stone units, at a price of $0.35 per FT share, for gross proceeds of C$500,000.
The company said net proceeds from the offering will be used for exploration expenses and general working capital, while gross proceeds from the FT offering will be used to incur eligible “Canadian exploration expenses” that are “flow-through mining expenditures” as defined in the Income Tax Act (Canada) related to Infinity Stone's mining projects.
“With the closing of our combined flow-through and non-flow-through offerings, we are excited to welcome the participation of several Australia-based institutions,” Infinity Stone Ventures CEO Zayn Kalyan said in a statement.
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“We believe the distribution in Australia will help provide Infinity Stone greater exposure for the company's lithium assets, ultimately realizing a stronger valuation and upside for our shareholders,” Kalyan added.
Each unit of the non-brokered private placement is comprised of one company Class A Subordinate Voting Share plus one-half of one share purchase warrant, with each whole warrant being exercisable into one Infinity Stone share at a price of C$0.50 for a period of two years from the date of issuance.
Each FT unit, meanwhile, is comprised of one company Class A Subordinate Voting Share plus one-half of one share purchase warrant, with each whole warrant being exercisable into one Infinity Stone share at a price of C$0.45 for a period of three years from the date of issuance.
Infinity Stone noted that in connection with the FT offering, the company issued 100,000 finders' warrants and paid finder's fees of $34,999.99, with each finders' warrant being exercisable at a price of C$0.45 for a period of three years from the date of issuance.
As well, the company said it has engaged Foster Stockbroking Pty Ltd to provide capital markets advisory services in relation to a proposed Australian Securities Exchange (ASX) dual listing of Infinity Stone shares.
It added that an ASX listing will provide Infinity Stone with greater access to existing and new investors, as the company says there has been significant interest from the Australian market in Infinity Stone's lithium projects, particularly the Camaro lithium project adjacent to Patriot Battery Metal's Corvette lithium discovery in James Bay, Quebec.
Infinity Stone’s mission is to be a diversified, single-source supplier for the critical energy metals being used in the clean energy revolution alongside its established Software-as-a-Service (SaaS) solution portfolio. The company's primary business units include HealthCheck (Stratum Health Technologies LLC) and its energy metals portfolio.
Contact Sean at sean@proactiveinvestors.com