VANCOUVER, BC / June 17th, 2020 / VERTICAL EXPLORATION INC. (TSX-V: VERT) (“Vertical” or “the Company”) is pleased to announce that further to its Press Releases dated January 24, 2020, March 4, 2020, April 13, 2020 & May 26, 2020 the Company has closed its non-brokered private placement. The Company issued 18,999,929 common share units (the “Units”) at a price of $0.035 per Unit for aggregate gross proceeds of $664,997.52.
Finder’s fees of $8,025.50 and 229,300 finder’s warrants were paid to arm’s length parties. Each finder’s warrant entitles the finder to purchase one common share in the Company for a purchase price of $0.05 for a period of 12 months from the date of closing.
The shares and warrants comprising the units and the finder’s warrants are subject to a 4 month hold period expiring October 18, 2020.
Proceeds raised from the Offering will be used to advance the Company’s St. Onge project in Quebec, for general working capital and unallocated funds as per Tier 2 status requirements.
This offering is subject to TSX Venture Exchange final approval.
ABOUT VERTICAL EXPLORATION Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).