CLEANTECH Vanadium Mining plans $1.56M non-brokered private placement

CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) announced a non-brokered private placement to raise gross proceeds of up to $1,560,000 through the sale of up to 12,000,000 units priced at $0.13 per unit.

Each unit consists of one common share and one transferable warrant, entitling the holder to purchase one additional share at $0.18 for three years from the date of issuance.

Company insiders will subscribe for up to 3,000,000 units for gross proceeds of up to $390,000. Oracle Commodity Holding Corp., an insider and control person of the company, has agreed to subscribe for 1,000,000 units for $130,000. Prior to closing, Oracle held 42,799,502 common shares, representing approximately 28.28% of issued and outstanding shares. Upon closing, Oracle will hold 43,799,502 common shares, representing approximately 26.82% on an undiluted basis and approximately 28.02% on a partially diluted basis.

The insider participation constitutes a related-party transaction under Multilateral Instrument 61-101. The company said it anticipates relying on exemptions from minority shareholder approval and formal valuation requirements, as the value of units to be acquired by insiders is not expected to exceed 25% of the company's market capitalization.

The offering is subject to approval from the TSX Venture Exchange, among other conditions. Securities issued will be subject to a regulatory hold period of four months and one day from issuance. The company intends to use net proceeds for general corporate purposes.

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