VANCOUVER, BC, Aug. 21, 2020
/CNW/ - Norra Metals Corp. (the
"Company") (TSXV: NORA) is pleased to announce a
non-brokered private placement (the "Private Placement")
offering of up to 25,000,000 units ("Units") at a price of
$0.05 per Unit for gross proceeds of
up to $1,250,000. Each Unit will
consist of one common share and one share purchase warrant (each
warrant, a "Warrant"). Each Warrant will entitle the holder
to purchase one additional common share of the Company at a price
of $0.15 for two (2) years following
the closing of the Private Placement. In the event the Private
Placement is over-subscribed, the Company will make provision for
an over-allotment option (the "Over-Allotment Option") to
allow the Company to increase the size of the Private Placement by
up to 10% and issue an additional 2,500,000 Units for additional
gross proceeds of $125,000.
The Company intends to use the net proceeds of the Private
Placement for its working capital
The issuance of the Shares is subject to the approval of the TSX
Venture Exchange. In addition, all any shares issued or issuable
upon the exercise of a Warrant (collectively, the
"Securities") will be subject to the following hold period:
(i) 25% of all Securities issued will be released six months after
the closing date; and (ii) 25% of all Securities issued will be
released every two months thereafter.
ON BEHALF OF THE BOARD OF
NORRA METALS CORP.
Per: "Minaz Devji"
Minaz Devji,
CEO and Director
Tel: (604) 258-8666
Email: mike.devji@norrametals.com
This news release was prepared by
Company management, who take
full responsibility for its content.
Neither 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.
SOURCE Norra Metals Corp.