Canamex Resources Corp. (TSXV:CSQ) arranged a private placement consisting of 22,222,222 common shares to a new strategic investor, and up to 1,777,778 common shares to Insiders, for gross proceeds of up to $2,160,000, at a price of $0.09 per share. The private placement is expected to close on or around February 14, 2014.
As quoted in the press release:
Three (3) Insiders, together with the spouse of one Insider (the “Related Parties”), will directly and/or indirectly subscribe for an aggregate of up 1,777,778 Shares from the Financing, which will increase those Related Parties’ 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.