International Samuel Closes Non Brokered Private Placement
888-700 West Georgia, Vancouver, BC, V7Y 1G5
INTERNATIONAL SAMUEL CLOSES NON BROKERED PRIVATE PLACEMENT
July 22, 2020: Vancouver, British Columbia: International Samuel Exploration Corp. (the “Company”) (ISS: TSX-V) announces that further to the Company’s news release of June 17, 2020 the Company closed the non-brokered private placement consisting of 5,912,500 shares (“Shares”) at a purchase price of $0.08 per Share and raised gross proceeds of $473,000. Existing insiders and two new reporting insiders of the Company participated in the private placement for an aggregate amount of $288,000 being 60.89% of the private placement. The Company paid to Canaccord Genuity Corp. a finder fee of $1,680 cash associated with this financing.
All securities issued in conjunction with this private placement are subject to a hold period expiring four months plus a day after the date of issuance.
A portion of the Private Placement constitutes a “related party transaction” within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(e) of MI 61-101 on the basis that the Company is not listed on any specified senior stock exchanges and that the Company is facing financial hardship and the transactions are designed to improve the Company’s financial position.
The proceeds received from this private placement will be used to advance the Williams gold & porphyry property in the Toodoggone trench area of northern BC and general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
“Conrad Swanson”
Conrad Swanson Chairman
For further information, please contact:
International Samuel Exploration Corp.
Telephone: 604-317-3090 Email: [email protected]
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 information Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward- looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.