LEVEL 14 ANNOUNCES AND CLOSES A NON-BROKERED PRIVATE PLACEMENT OF $1.02 MILLION
Vancouver, British Columbia, April 30, 2021 – Level 14 Ventures Ltd. (“Level 14” or the “Company”) announces that it has completed a non-brokered private placement of units (the “Units”) of Level 14 (the “Offering”). The Company issued 18,546,000 Units at a price of $0.055 per Unit for aggregate gross proceeds of $1,020,030 with each Unit comprised of one (1) common share (“Common Share”) and one (1) share purchase warrant (“Warrant”) of Level 14. Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.10 per share expiring five (5) years from the date of issuance.
The Company paid no cash commissions pursuant to the Offering.
The Company intends to use the gross proceeds raised under the Offering for working capital and potential future acquisitions.
The securities issued are subject to a four month hold period from the date of issuance.
Related Party Participation in the Private Placement
Insiders subscribed for 13,254,900 Units of the Offering for a total of 71.47% of the Offering. As insiders of Level 14 participated in the Offering, it is deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
Neither the Company, nor to the knowledge of the Company after reasonable inquiry, a related party, has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.
The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution of securities for cash and neither the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded $2,500,000. Level 14 did not file a material change report with respect to the participation of the insiders at least 21 days prior to the closing of the Offering as participation details were not determined at that time.
About Level 14 Ventures Ltd.
Level 14 is an exploration-stage mining company with a focus on precious metals. The Company has one exploration asset, the Green Mountain Property, owned through its wholly-owned subsidiary, located in British Columbia, Canada. The Green Mountain Property consists of 3 contiguous digitally registered mineral tenures totaling approximately 5,593.5 hectares, upon which the Company will be completing Phase I of its exploration program during 2021. The Company intends to grow through acquisition of other mineral properties and continues to consider other opportunities to acquire and explore mining claims as they arise.
For further information or should you have any questions, please feel free to email us at [email protected].
Marcel de Groot, Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, the statements regarding the use of proceeds, completion of Phase I of the exploration program on the Green Mountain Property, and growth through the acquisition of other mineral properties. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for precious metals or other minerals that may be produced generally, the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.