March 4, 2019 – First Division Ventures Inc. (CSE: FDIV) (the “Company” or “First Division”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement”) with the issuance of 6,017,000 units (each, a “Unit”) for gross proceeds of $1,504,250.
Each Unit is comprised of one common share of the Company (a “Unit Share”) and one transferable common share purchase warrant of the Company (a “Warrant”) which entitles the holder to purchase one additional common share (a “Warrant Share”) at a price of $0.50 (the “Exercise Price”) per Warrant Share until September 4, 2020.
The Company paid aggregate finder’s fee of $72,675 and issued 322,620 compensation warrants (the “Compensation Warrants”) to certain finders under the Financing. The Compensation Warrants have the same terms as the Warrants but are not transferable.
The Company intends to use net proceeds from the Financing to fund obligations related to the Assignment and Property Option Agreement recently entered into with Geoxplor Corp. under which the Company holds the option to acquire a 100% interest in the Temple Mountain Vanadium Property located in Emery County, Utah, USA.
All securities issued pursuant to the Private Placement are subject to a four month hold period until July 5, 2019.