Pacific Booker Minerals Sets Private Placement to Raise Up to $10 Million
News related to:Pacific Booker Minerals Inc · 2 min read
Pacific Booker Minerals Inc. is set to raise up to approximately $10.0 million through a non-brokered private placement, the company announced on October 5, 2026. The offering will involve the sale of up to 4,273,505 units, with each unit priced at $2.34. Each unit will consist of one common share and one common share purchase warrant. The warrants will entitle the holder to purchase one common share at a price of $2.75 per share, subject to customary anti-dilution adjustments, for a period of 36 months from the closing date of the offering.
The funds raised will be used to advance the Morrison project and for general corporate purposes. The company expects certain related parties to participate in the offering on the same terms as arms-length investors. Participation by each related party will constitute a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The company plans to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Corporation's market capitalization.
No finder's fees, commissions, or other fees are payable in connection with the offering. The securities issued pursuant to the offering will be subject to a statutory hold period in accordance with applicable Canadian securities laws, expiring four months and one day following the closing date of the offering. Subscribers under the offering will also agree to a contractual lock-up period of six months following the closing of the offering, during which period the subscribers may not sell or otherwise transfer any securities purchased under the offering without the consent of the company, subject to customary exceptions.
Pacific Booker Minerals Inc. expects the closing of the offering to be subject to certain conditions, including the conditional approval of the TSX Venture Exchange and other customary conditions. The company will provide further updates as the process progresses.