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Vancouver, British Columbia--(Newsfile Corp. - July 22, 2022) - Canadian Nexus Team Ventures Corp., (CSE: TEAM) ("Canadian Nexus", "the Company" or "TEAM") has issued 6,407,000 million units in a non-brokered private placement at a price of five cents per unit for gross proceeds of $ 320,350. There were no finders' fees payable on this private placement.
The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four-month hold period under securities laws. The Company intends to use the net proceeds from the private placement for working capital purposes.
Each unit consists of one common share in the capital of the Company and one common share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company, at an exercise price of 10 cents per share, for a period of five years from the date of issuance.
Total proceeds from insider participation in the private placement are $200,000. Insider participation in the private placement is a related party transaction within the meaning of Multilateral Instrument 61-101. The Company has determined that the transaction is exempt from formal valuation and minority shareholder approval requirements of MI 61-101 because neither the fair market value of any shares issued to or the consideration paid by insiders exceeded 25 per cent of the Company's market capitalization.
The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons and in a time frame consistent with usual market practices for transactions of this nature.
About Canadian Nexus Team Ventures Corp.
Canadian Nexus (CSE: TEAM) is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies and projects. Canadian Nexus leverages its extensive network of operators and global thought leaders to provide investors with a unique multi-opportunity portfolio. From time to time the Company may acquire or dispose of shares in the open market. The Company is deploying a strategy of organically building positive cash flow companies with the goal of redeploying this non-dilutive captive into high growth sectors as defined in the Company's investment policy that can be found on Sedar under Canadian Nexus Team Ventures Ltd.
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining regulatory approvals (including of the Canadian Securities Exchange), changes in laws, regulations, and policies affecting the Company's operations and the Company's limited operating history.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131725