GOAT Industries completes first tranche of private placement
GOAT Industries Ltd., based in Vancouver, British Columbia, announced the successful closure of the first tranche of its non-brokered private placement. This financial maneuver has enabled the company to raise a total of C$2,019,199.80 through the issuance of 6,730,666 units, each priced at C$0.30.
Each unit consists of one common share of GOAT Industries and half of a common share purchase warrant. Holders of these warrants can acquire additional shares at C$0.45 per share within a two-year period following their issuance. This approach serves not only as a means of capital raising but also as a strategic move aimed at enhancing the company’s operational capabilities.
Utilization of funds
The proceeds from this offering will be pivotal in funding the planned acquisition of 1509467 B.C. Ltd. and Vroom, Inc., collectively referred to as BETSource. This acquisition aims to enhance and expand BETSource’s business operations, while also facilitating further investments that align with GOAT’s strategic vision.
Financial implications and fees
In conjunction with this private placement, GOAT Industries incurred finder’s fees totaling C$99,414.00, alongside the issuance of 331,380 broker warrants. Each broker warrant permits holders to acquire half of a common share at a price of C$0.45 for a duration of two years, in accordance with the regulations of the Canadian Securities Exchange (CSE).
A director of GOAT Industries participated in a recent placement, acquiring 66,666 units to settle outstanding management fees totaling C$10,020. This transaction is categorized as a related party transaction under the Multilateral Instrument 61-101, which aims to protect minority shareholders. GOAT Industries is exempt from formal valuation and minority approval requirements because the securities issued to the insider did not exceed 25% of the company’s market capitalization.
Regulatory considerations and holding period
All securities issued in conjunction with the private placement will be subject to a statutory hold period of four months and one day, in accordance with applicable securities laws. This regulatory measure is intended to ensure compliance and protect investors by preventing the immediate resale of securities.
About Goat Industries
GOAT Industries operates as an investment issuer, with a clear focus on identifying and investing in companies that demonstrate high growth potential across a range of sectors. The company’s primary objective is to achieve significant returns on its investments, which in turn supports its growth and contributes to the broader economy.
Individuals seeking more information about GOAT Industries can visit their official website at www.goatindustries.co. Additionally, the company’s final prospectus, along with financial statements and management discussions, is accessible through its profile on SEDAR+ at www.sedarplus.ca.
This announcement includes forward-looking information as defined by Canadian securities laws. It outlines details related to the private placement, the intended use of proceeds, and potential future developments regarding the acquisition of BETSource. It is important to acknowledge that such information is subject to various risks and uncertainties, which may result in actual outcomes differing significantly from those anticipated.
Goat Industries’ recent funding round enhances the company’s growth trajectory and expands its investment portfolio. This move underscores its commitment to strategic development in a competitive market.