Supernova Metals Corp. (“Supernova” or the “Company”) (CSE:SUPR) (CNSX:SUPR.CN) (OTC:ABETF) (Frankfurt:A1S1.F) is pleased to announce that it has closed a non-brokered private placement (the “Private Placement”) of 10,000,000 common shares (the “Shares”) issued at a price of $0.05 per Share for total gross proceeds of $500,000. No finder’s fees were paid in connection with the Private Placement.
The Company will use the proceeds of the Private Placement for exploration of its newly acquired gold exploration properties located on the Gander Gold Belt in Newfoundland and for general working capital.
All securities issued are subject to a four-month hold period from closing of the Private Placement.
Sean McGrath, CEO of the Company, subscribed for 500,000 Shares, Ken Brophy, a director of the Company, subscribed for 1,200,000 Shares through a company he controls, Roger March, a director of the Company, subscribed for 200,000 Shares, and Lindsay Hamelin, Corporate Secretary of the Company, subscribed for 100,000 Shares. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The Company relied upon section 5.5(a) and 5.7(a) as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Private Placement exceeds 25 percent of the Company’s market capitalization (calculated in accordance with MI 61-101).
About Supernova
SUPERNOVA is a growth-oriented exploration company focused on acquiring and advancing natural resources opportunities within North America. Supernova has a growing and diversified portfolio of assets, including Gold, Silver, Lithium, and Vanadium assets.
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