Crownia Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA / TheNewswire / October 11, 2018 - Crownia Holdings Ltd. (TSX-V: CNH; OTCQB: CWNHF) ("Crownia" or the "Company") is pleased to announce that, it intends to arrange a non-brokered private placement (the "Private Placement" or "Financing") to raise up to $5,000,000 through the issuance of up to 25,000,000 units (the "Unit") at a price of $0.20 per Unit (the "Purchase Price") for working capital purposes; Each Unit will consist of one common share (the "Unit Share") and one half of one (1/2) transferable share purchase warrant (the "Warrant"), and each whole Warrant will entitle the registered holder thereof to purchase one additional common share of the Company at a price of $0.35 per share for a period of three (3) years from the closing date. All securities issued pursuant to the Financing will be subject to a four month hold period from the date of issuance.
The net proceeds from the Financing will be used by the Company for corporate purposes and general working capital.
The closing or completion of the Financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
As a specialty steel trading company, Crownia provides value-add by identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers.
On behalf of the Board of Directors,
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 news release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans" "expects" or "does not expect", "proposed", "is expected", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company's as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.