VANCOUVER, British Columbia, April 20, 2018 (GLOBE NEWSWIRE) -- ALQ Gold Corp. (CSE:ALQ) (“ALQ” or the “Company”) is pleased to announce it has closed the previously announced private placement (see news releases dated December 21, 2017) totalling gross proceeds of $12,007,900. These funds were raised by the Company issuing 12,007,900 units at a price of $1.00 per unit on a post consolidated basis. Each unit consists of one common share and one-half of one common share purchase warrant entitling the holder thereof to purchase one additional common share for a period of 12 months from the closing date at a price of $2.50.
In connection with the above closing, the Company paid aggregate cash commissions of $385,345 and issued 591,815 broker's warrants, each such broker's warrant entitling the holder to acquire one common share of ALQ at $2.50 for a period of 12 months from the closing date. The Company also issued 206,500 finders units, each finder’s unit consists of one common share at $1.00 and one-half of one common share purchase warrant entitling the holder thereof to purchase one additional common share for a period of 12 months from the closing date at a price of $2.50.
All shares, together with any shares that may be issued on exercise of the warrants and brokers' warrants, will be subject to a hold period of 4 months from the date of issuance.
The Company intends to become an investment company focusing on opportunities in the global cannabis sector. Following completion of all listing requirements, on which the Company is now working, ALQ’s common shares will resume trading on the CSE under the reserved ticker symbol BILZ.
ON BEHALF OF THE BOARD
“Morgan Good”
Chief Executive Officer
Tel: 604-715-4751
Email: morgan@dukecapitalinc.com
Investor Contact:
Keir Reynolds
Duke Capital
Tel: 778-998-9242
Email: keir@dukecapitalinc.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The closing of the transactions contemplated herein are subject to, among other things, regulatory approval, including from the CSE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed transaction; the terms and conditions of the proposed private placement; use of funds; and the business and operations of the Company after the proposed change of business. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the cannabis industry in North America. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. ALQ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.