Canada Iron Inc.: Canada Iron Announces Closing of $10.2 Million Subscription Receipt Offering by Humble & Fume
Canada Iron or the
Humble ) previously announced brokered private placement financing (the
Financing ) of 10,221,000 subscription receipts (the
Subscription Receipts ) at a price of $1.00 per Subscription Receipt, for gross proceeds of approximately $10.2 million. The Financing was led by Beacon Securities Limited (
Beacon ) on behalf of a syndicate of agents including INFOR Financial Inc. and ATB Capital Markets Inc. (together with Beacon, the
Agents ) pursuant to an agency agreement dated April 1, 2021.
The closing of the Financing is one of the conditions in respect of the previously announced reverse take-over of the Company by Humble (the
Canada Iron Inc.: Canada Iron Announces Reverse Takeover Transaction with Humble & Fume and Subcription Receipt Financing
Canada Iron or the
Letter
Agreement ) dated February 23, 2021 with Humble & Fume Inc. (
Humble ) to complete a business combination by way of a transaction that will constitute a reverse takeover of the Company by Humble (the
Transaction ). The resulting issuer from the Transaction (the
Resulting Issuer ) will carry on the current business of Humble. In addition, Canada Iron is pleased to announce that Humble intends to complete a private placement of subscription receipts to raise aggregate gross proceeds of a minimum of $10,000,000 (the
Humble
Description of Humble and its Business