Vancouver, British Columbia--(Newsfile Corp. - February 22, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) announces that on February 21, 2017 it received acceptance from the TSX Venture Exchange to close the final tranche of its private placement (refer to ICM News Release dated December 22, 2016).
In accordance with the provisions of Subscription Agreements, on February 22, 2017 the Company issued a total of 3,363,636 Units at a price of $0.11 per Unit, each Unit being comprised of one common share and one-half share purchase warrant, each whole warrant being exercisable into one common share on or before February 21, 2018 at $0.20 per share. No finder's fees were paid in connection with this final tranche.
These shares, together with any shares that may be issued on exercise of the warrants and Broker's Warrant will be subject to a hold period under applicable Canadian securities laws expiring on June 23, 2017, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
One Insider (the "Related Party") subscribed for a total of 3,036,363 Units from the Financing, which increased 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.
