Mr. Sebastian Wahl reports
A-LABS CAPITAL II CORP. ANNOUNCES NON-BROKERED FINANCING
A-Labs Capital II Corp. has arranged a non-brokered private placement of 100,000 common shares at a price of five cents per share, for gross proceeds up to $5,000.
The shares issued under the offering will be subject to a statutory four-month hold period and escrow under applicable Canadian securities legislation and TSX Venture Exchange policies. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. No commissions or finders' fees will be paid in connection with the offering, and the offering will not result in a new control person.
The company expects to rely on exemptions from the formal valuation requirements of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Specifically, the company is relying upon Subsection 5.5(a) of MI-61-101 (as the company's common shares are listed only on the TSX-V) and from the minority shareholder approval requirements of MI 61-101, pursuant to Subsection 5.7(1)(b) of MI 61-101 (as neither the fair market value of the shares to be issued to insiders nor the consideration to be paid by insiders pursuant to the offering is expected to exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101).
The company intends to use the proceeds from the offering for general working capital purposes.
We seek Safe Harbor.
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