Homerun Resources Inc. Closes First Tranche of Financing & Grants Options
Vancouver, June 16, 2022 - Homerun Resources Inc. (TSXV: HMR.H) ("HMR" or the "Company") the Company announces that it has filed documents with the TSX Venture Exchange to close the first tranche of its previously announced (see May 31, 2022 news release) $0.15 Unit private placement financing (the "Financing"), for aggregate gross proceeds of $300,000. On receipt of Exchange approval, the Company will issue 2,000,000 common shares and 2,000,000 common share purchase warrants exercisable at $0.25 per common share for a period of 12 months from issuance.
Nexvu Capital Corp., a company with directors in common with HMR, participated in the first tranche of the Financing for $150,000, that portion of the Financing is a "related party transaction" as such term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. All securities issued pursuant to the Financing are subject to a 4-month hold.
The Company also announces that it has granted 1,950,000 stock options (the "Options") to directors, officers and consultants of the Company. The Options have an exercise price of $0.20 per share, expiring 5 years from the date of grant and are subject to TSX Venture Exchange approval.
On behalf of the Board of Directors of
Homerun Resources Inc.
"Brian Leeners"
Brian Leeners, CEO & Director
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.
For further information please contact:
Brian Leeners, CEO and Director
brianleeners@gmail.com
Greg Pearson, Corporate Development
gtpearson48@gmail.com
1-250-545-1299
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128028
