Razor Energy Corp. of Calgary, Alberta, has announced it has entered into an agreement with GMP FirstEnergy on behalf of a syndicate of agents pursuant to which the Agents have agreed to market, on a “best efforts” private placement basis, up to 2,702,800 Common Shares that will qualify as “flow-through shares”.
The 2,702,800 Flow-Through Shares will be issued at a price of $1.85 per Flow-Through Share, representing an approximate 16% premium to the closing price of the Common Shares on the TSX Venture Exchange on September 30, 2019, for aggregate gross proceeds of up to approximately $5,000,000.
The gross proceeds from the sale of Flow-Through Shares will be used by the Company to incur qualifying “Canadian renewable and conservation expenses” (CRCE) as defined in the Income Tax Act (Canada) related to the Company’s geothermal power projects in Alberta. The Qualifying Expenditures will be renounced in favour of the subscribers of Flow-Through Shares with an effective date on or before December 31, 2019, and in the aggregate amount of not less than the gross proceeds of the Offering.
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