TSXV–HTI.H
VANCOUVER, Aug. 29, 2016 /CNW/ - HTI VENTURES CORP.
(TSXV–HTI.H) (the "Company") is pleased to
announce the closing of its non-brokered private placement (the
"Private Placement") of 100,000,000 shares at a price of
CDN$0.35 per share for gross proceeds
of CDN$35,000,000. Finder's
fees of 191,000 shares and CDN$849,000 were paid in relation to the Private
Placement. The common shares issued pursuant to the Private
Placement and the Finder's Fee are subject to a four month hold
period expiring December 30,
2016.
The Company further announces that Neil
Woodyer acquired 17,125,000 common shares pursuant to the
Private Placement. Prior to the Private Placement, Mr.
Woodyer owned 10,500,000 common shares, representing 29.63% of the
outstanding shares of the Company. As a result of the
acquisition of securities described above, Neil Woodyer now owns in aggregate 27,625,000
common shares of the Company, representing 20.37% of the
current issued and outstanding common shares of the Company and
would own 29,025,000 common shares, representing 21.18% of the
outstanding shares of the Company on a partially diluted basis,
assuming exercise of 1,400,000 incentive stock options held by
Neil Woodyer.
The Company further announces that Frank
Giustra acquired, directly and indirectly, 9,405,000 common
shares pursuant to the Private Placement. Prior to the
Private Placement Mr. Giustra owned 6,150,000 common shares,
representing 17.36% of the outstanding shares of the
Company. As a result of the acquisition of securities
described above, Frank Giustra
directly and indirectly, now owns and/or controls, in aggregate
15,555,000 common shares of the Company, representing 11.47% of the
current issued and outstanding common shares of the Company and
would own 16,055,000 common shares, representing 11.79% of the
outstanding shares of the Company on a partially diluted basis,
assuming exercise of 500,000 incentive stock options held by
Frank Giustra directly.
The Company has been advised that Neil
Woodyer and Frank Giustra and
his related entities acquired these securities for investment
purposes and may in the future acquire or dispose of securities of
the Company, through the market, privately or otherwise, as
circumstances or market conditions warrant.
Name Change
The Company will change its jurisdiction
of incorporation to British
Columbia and will change its name to Leagold Mining
Corporation on August 31, 2016 and
its common shares will trade under the symbol TSX-V: LMC.H
effective at open of market on August 31,
2016.
Conversion of Preferred Shares
The Company will also
be converting the exiting 28,000 Series 1 Convertible Preferred
Shares into common shares on a one for one basis effective
August 31, 2016.
Change of Auditors
The Company further announces that
it has changed its auditors from Manning Elliott LLP (the "Former
Auditors") to Deloitte LLP (the "Successor Auditors") effective
August 24, 2016.
At the request of the Company, the Former Auditors resigned as
auditors for the Company effective August
24, 2016 and the board of directors of the Company appointed
the Successor Auditor as the Company's auditor effective
August 24, 2016, until the close of
the next Annual General Meeting of the Company.
Change of Financial Year End
The Company has
determined to change its financial year end from September 30 to December 31.
ON BEHALF OF HTI VENTURES CORP.
"Neil Woodyer"
Neil Woodyer
Chief Executive Officer
Neither 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.
SOURCE HTI Ventures Corp.