VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 12, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Royalty North Partners Ltd. (TSX VENTURE:RNP) ("RNP" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement financing (the "Private Placement") of a minimum of 17,647,058 units (the "Units") at a price of C$0.17 per Unit to raise minimum gross proceeds of C$3,000,000.
Each Unit shall consist of one common share in the capital of the Company and one-half of one common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to purchase, until September 1, 2021, one additional common share of the Company (each, a "Warrant Share") at an exercise price of C$0.25 per Warrant Share. The Warrants will be governed by the terms of a warrant indenture dated November 24, 2016 and entered into between the Company and TSX Trust Company as warrant agent (the "Warrant Agent") and a supplement thereto that the Company expects to enter into with the Warrant Agent. The Company will apply to list the Warrants for trading on the TSX Venture Exchange (the "TSX-V") under the ticker symbol "RNP.WT".
The proceeds of the Private Placement will be used to fund the Company's loan agreement (the "Agreement") with SST Construction, LLC (please see the Company's news release dated March 21, 2017 for further details with respect to the Agreement), transaction expenses and working capital purposes.
The Private Placement and the Agreement are subject to certain conditions, including the approval of the TSX-V.
All securities issued pursuant to the Private Placement will be subject to a hold period of four months from the date of issuance of the securities.
On behalf of the Company,
Justin Currie, Chief Executive Officer and Director
About Royalty North Partners Ltd.
Royalty North Partners is a Vancouver, BC based, TSX-V listed (RNP) company focused on creating a diversified portfolio of cash flowing royalties by providing financing to private businesses operating in the "mid-market". RNP is led by a seasoned board and management team with a successful track record of experience in royalty financing, capital markets transactions and private company operations. RNP is targeting royalty investments in companies with stable cash flow in non-resource based sectors looking for growth/acquisition capital, recapitalization or succession liquidity.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. Such forward-looking statements include but are not limited to the use of the proceeds of the Private Placement. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required by law.