Tickers: XTSX:KDA
Tags: #Mining
Thetford Mines, Quebec - TheNewswire - October 22, 2019 - KDA Group Inc. (TSXV:KDA) ("KDA" or the "Corporation") is pleased to announce that the private placement previously announced in its press release dated October 7, 2019 has been completed with accredited investors totaling 19,720,000 units (the "Units") at a price of $0.25 per Unit for total gross proceeds of $4,930,000 (the "Private Placement").
Each Unit consists of one Class A Share of KDA ("Common share") and one-half of one Common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Common share of the Corporation at an exercise price of $0.40 per Common share for a period of 12 months ending October 22, 2020.
The Corporation paid a cash commission of $27,600 in relation to this Private Placement and issued 110,400 non-transferable share purchase warrants (the "Broker warrants"). Each Broker warrant entitles the holder to purchase one Common share at an exercise price of $0.25 per Common share for a period of 12 months ending October 22, 2020. All securities issued in connection with the Private Placement are subject to a mandatory four-month hold period expiring on February 23, 2020 in accordance with applicable securities regulations.
KDA will use the Private Placement proceeds for its working capital, general corporate purposes and the settlement of short-term debts except those to subscribers.
The Private Placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
In addition, the Corporation is pleased to announce that the debt settlement previously announced in its press release dated October 7, 2019 has been completed and the Corporation settled indebtedness to a creditor totalling $825,000 with the same terms as the Private Placement subscribers as disclosed above, meaning in exchange for the issuance of 3,300,000 Common shares at a price of $0.25 per Common share and 1,650,000 Warrants (the "Debt Settlement").
The Debt Settlement has received approval of the TSX Venture Exchange. All securities to be issued under the Debt Settlement will be subject to a mandatory four-month hold period expiring on February 23, 2020 in accordance with applicable securities regulations.
As a result of the Private Placement and the Debt Settlement, there are 114,405,947 Common shares issued and outstanding and if all the Warrants and Broker warrants are exercised by the holders a total 125,915,947 Common shares will be issued and outstanding.
ABOUT KDA GROUP
KDA Group is a leading innovation and specialized solution provider in the pharmaceutical market. Today, it is a respected name for quality and expertise among the different stakeholders in the pharmaceutical and medical sector. Its management team is guided by a vision of continuing to lead the way in Quebec while extending operations across Canada and internationally. Additional information on the Corporation is available at www.kdagroup.ca and on SEDAR at www.sedar.com.
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release from KDA Group contains forward-looking statements. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target, and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive, and will. By their nature, forward-looking statements require us to make estimates and assumptions and express opinions based on current conditions and anticipated developments, as well as other factors that Management may deem appropriate under the circumstances. There is inherent uncertainty and significant risk in these estimates, assumptions, and opinions, particularly of a commercial, economic, and competitive nature, and they are therefore subject to change. KDA Group cannot guarantee that these estimates, assumptions, and opinions will prove to be accurate.
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 press release.
INFORMATION
Marc Lemieux
Chief Executive Officer
514 622-7370
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