Tickers: PINX:CWNHF, XTSX:CNH
Tags: Manufacturing
VANCOUVER, BRITISH COLUMBIA / TheNewswire / February 26, 2018 - Crownia Holdings Ltd. (TSX-V: CNH; OTCQB: CWNHF) ("Crownia" or the "Company") is pleased to announce that the Company has arranged a brokered private placement (the "Financing") to raise gross proceeds of up to $2,500,000. The Financing consists of the issuance of up to 25,000,000 units (each a "Unit") at a price of $0.10 per unit. Each Unit consists of one (1) common share and one (1) common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.13 per share for a period of 24 months from the closing date of the Financing.
The co-agent is Mackie Research Capital Corporation (the "Agent") and the Financing is subject to compliance with applicable regulatory requirements.
The Agents shall receive a cash commission equal to 6.0% of the gross proceeds and shall be granted warrants (the "Agent's Warrants") by the Company to acquire that number of Common Shares equal to 6.0% of the aggregate number of Units sold under the Financing, exercisable at a price of $0.13 per Agent's Warrant for a period of 24 months from the closing date of the Financing. This Financing will be sold on a private placement basis pursuant to the "accredited investor" exemption under National Instrument 45-106 and certain other available and agreed upon exemptions.
The Financing will provide further funding for the Company's ongoing work program and for general corporate purposes.
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,
FOR FURTHER INFORMATION PLEASE CONTACT:
Xizhou Tong - Chairman and CEO
1-604-688-9588
xizhou.tong@crowniaholdings.com
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.
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