Title: Arak Resources Ltd. - Completion of Financing
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SOURCE: Arak Resources Ltd.
March 20, 2017 20:01 ET
Arak Resources Ltd. - Completion of Financing
VANCOUVER, BC--(Marketwired - March 20, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Arak Resources Ltd. (TSX VENTURE: AAC) (the "Company") is pleased to announce that it has completed its previously announced private placement (the "Offering") of 4,634,000 units ("Units") raising gross proceeds of $650,020. Each Unit consists of one common share ("Share") and one share purchase warrant ("Warrant") of the Company. Each Warrant permits the holder thereof to purchase, until March 21, 2022, one additional Share at $0.18.
In connection with closing of the Offering and for its efforts in introducing subscribers to the Company, the Company issued 300,000 finders Units to NewGen Equity Long-Short Fund. Each finders Unit consists of one Share and one Warrant. Each Warrant permits the holder thereof to purchase, until March 21, 2018, one additional Share at $0.18
All securities issued under the Offering are subject to a hold period trading restriction of four months and a day from the date of distribution which will expire July 22, 2017.
ARAK RESOURCES LTD.
"Carl von Einsiedel"
Carl von Einsiedel, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact the Company at 604-410-2277