MONTREAL, QUEBEC--(Marketwired - Nov. 10, 2016) - Genius Properties Ltd. (CSE:GNI) ("Genius" or the "Corporation") is pleased to announce that it has closed a second and final tranche of 3 Units (as defined hereinafter) for gross proceeds of $15,000 (the "Final Tranche") of a non-brokered private placement for total gross proceeds of $160,000 (the "Offering"). 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 private placement to continue advancing its projects and for general corporate purposes.
All Shares issued pursuant to this Final 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 March 10, 2016.
The Corporation also reports that Mr. Louis Lessard ("Mr. Lessard") acquired beneficial ownership of common shares and convertible securities of the Corporation exceeding 2% of the outstanding common shares of the Corporation on a partially diluted basis since it latest report on June 6, 2016.
This reporting threshold was reached on November 10, 2016 with the acquisition of 2,398,180 common shares in the capital of the Corporation (each a "Share"), acquired by way a private acquisition for investment purposes (the "Triggering Block"). Prior to the acquisition of the Triggering Block, Mr. Lessard had the beneficial ownership of 8,434,000 Shares and 2,000,000 Share purchase warrants for investment purposes (the "Prior Shares") (the Triggering Block and the Prior Shares collectively referred to as the "Acquisition"). Mr. Lessard reserves the right to purchase additional securities of the Corporation or from time to time to dispose of any securities of the Issuer that he may own.
Following the Acquisition, Mr. Lessard holds, directly or indirectly, a total of 10,832,180 Shares, representing approximately 13.26% of the currently issued and outstanding Shares (or 12,832,180 Shares representing approximately 15.33% of the currently issued and outstanding Shares assuming all warrants held by Mr. Lessard are exercised and converted into Shares).
This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Corporation's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.
Mr. Lessard has provided the above information to the Corporation for inclusion in this news release.
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.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.