Genius Amends Brokered Offering Terms and Closes First Tranche of NB Private Placement
09 Dec. 2016
MONTRÉAL, QUÉBEC--(Marketwired - Dec. 9, 2016) - Genius Properties Ltd. ("Genius" or the "Corporation") (CSE:GNI)(CSE:GNI.CN) announce that it has signed an amended engagement letter with Leede Jones Gable Inc., to modify the price of the flow through shares issued under its Offering, announced on November 14, 2016, to $0.05 per flow-through share. All the other terms remain unchanged.
Genius is also pleased to announce that it has closed a first tranche of 1,240,000 units for gross proceeds of $62,000 (the "First Tranche") of a non-brokered private placement, consisting of up to 12,000,000 units of the Corporation for maximum gross proceeds of $600,000. Each unit is offered at $0.05 and consists of 1 common share and 1 common share purchase warrant (a "Warrant"). Each Warrant shall entitle its holder to purchase a common share at a price of $0.10 for a period of 12 months period following the closing of the private placement.
The Corporation also announces that Mr. Stéphane Leblanc resigned as Executive Chairman effective immediately to focus on other projects. Jimmy Gravel, President & CEO of Genius, on behalf of the Board of Directors and the Corporation, would like to thank Mr. Leblanc for his years of service and contribution to the Corporation. "We appreciate Stéphane's contribution to the Board and we have significantly benefited from his wide ranging knowledge and experience during his tenure with us. We wish Stéphane all the very best in his future endeavors and we know he will continue to support Genius' project" Each Unit consists of 100,000 common shares of the Corporation (each a "Share") and 100,000 transferable Share purchase warrants. Each warrant will entitle the holder to purchase (1) one additional Share at an exercise price of $0.10 per share during the 12 months from the closing date.
The Corporation intends on using the net proceeds from the offerings to continue advancing its projects and for general corporate purposes.
All Shares issued pursuant to this First Tranche will be subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until April 10, 2017.
About Genius Properties
Genius is a Canadian mineral exploration company focused on developing projects with some of the world's most critical metals and minerals for use in various industries including in particular, batteries for storing electrical energy and the raw materials essential for Lithium-ion battery production.
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