April 26, 2018
SOFTROCK MINERALS ANNOUNCES RIGHTS OFFERING
Calgary, Alberta (FSCwire) - Softrock Minerals Ltd ("Softrock" or the "Company") today announced that it will be offering rights to holders of its common shares ("Common Shares") in Canada at the close of business on the record date of April 30, 2018, (the "Rights Offering Record Date") on the basis of one right for each common share held (the "Rights Offering"). Each right will entitle the holder to subscribe for one unit (a "Unit") of the Company upon payment of the subscription price of $0.02 per unit. Each Unit consists of one Common Share and one Common Share purchase warrant (a "Warrant"), with each Warrant exercisable into one Common Share at a price of $0.05 per share for a period of 24 months from the issuance date of the Units.
The Common Shares will commence trading on an ex-rights basis on April 27, 2018. Any holders of Common Shares purchased on an ex-rights basis will not be entitled to receive rights under the Rights Offering. As such, Common Shares must be purchased before the end of market trading hours on April 26, 2018 to be entitled to rights under the Rights Offering on the record date of April 30, 2018. The rights will expire at 4:00 p.m. (Calgary time) on June 7, 2018 (the “Expiry Time”), after which time unexercised rights will be void and of no value.
Shareholders who fully exercise their rights will be entitled to subscribe for additional Common Shares, if available as a result of unexercised rights prior to the Expiry Time, subject to certain limitations set out in the Company’s rights offering circular. The Company expects to close the Rights Offering promptly following the Expiry Time. Details of the Rights Offering will be set out in the rights offering notice and rights offering circular which will be available on the Company’s website and under the Company’s profile at www.sedar.com. The rights offering notice and accompanying rights certificate will be mailed to each registered eligible shareholder as at the Rights Offering Record Date. Registered shareholders who wish to exercise their rights must forward the completed rights certificate, together with the applicable funds, to the subscription agent, Computershare Investor Services Inc. ("Computershare"), on or before the Expiry Time. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.
There are currently 23,759,146 Common Shares issued and outstanding. If all of the rights issued under the Rights Offering are validly exercised, there will be 47,518,292 Common Shares and 23,759,146 Warrants outstanding and the Rights Offering will have raise gross proceeds of approximately $475,000. Funds raised through the Rights Offering will be used for working capital and general corporate purposes.
The rights, and the Common Shares issuable upon the exercise of the rights, will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to U.S. Persons, as defined in Regulation S under the U.S. Securities Act. Accordingly, subscriptions will not be accepted from any shareholder who is a U.S. Person or resident in the United States.
On behalf of the Board of Directors
The Honourable Nick Taylor, President and Chief Executive Officer
For further information please contact:
Softrock Minerals Ltd.
#1010, 825 – 8th Avenue SW
Calgary, Alberta T2P 2T3
Ph:(403) 266-2605 or Fax:(403) 266-2730
Neither 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.