CleanTech Vanadium closes final tranche, raises CAD 803,500 total

CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) has completed the third and final tranche of its non-brokered private placement, raising CAD $215,000 through the sale of 2,150,000 units at CAD $0.10 per unit.

Combined with the first and second tranches, the company raised a total of CAD $803,500 under the offering.

Each unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable to purchase one additional share at CAD $0.15 for three years from the date of issuance.

Company insiders subscribed for a total of 2,800,000 units across all tranches for aggregate gross proceeds of CAD $280,000. The company said it relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, citing that insider participation did not exceed 25% of the fair market value of the company's market capitalization.

In connection with the final tranche, the company issued 12,000 finder's units as finder's fees, each consisting of one share and one non-transferable warrant exercisable at CAD $0.15 per share for 36 months from issuance.

All securities issued are subject to a statutory hold period of four months and one day under applicable Canadian securities laws. The company stated proceeds will be used for general working capital purposes.

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