CleanTech Vanadium revises private placement to raise up to $1.32M

CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) has amended the terms of a previously announced non-brokered private placement, now targeting gross proceeds of up to $1,320,000 through the sale of up to 12,000,000 units priced at $0.11 each.

Each unit consists of one common share and one transferable warrant to purchase an additional share at $0.15 for three years from issuance.

Company insiders plan to subscribe for up to 3,000,000 units for gross proceeds of up to $330,000, which the company has classified as a related-party transaction under Multilateral Instrument 61-101.

Among the participating insiders, Oracle Commodity Holding Corp., a control person of the company, has agreed to subscribe for 1,000,000 units for $110,000. Oracle held approximately 28.28% of the company's issued and outstanding shares before the offering. Upon closing, Oracle's stake would decrease to approximately 26.82% on an undiluted basis, or 27.26% on a partially diluted basis assuming full warrant exercise.

The company said it expects to rely on exemptions from minority shareholder approval and formal valuation requirements under MI 61-101, as the value of units to be acquired by insiders is not anticipated to exceed 25% of the company's market capitalization.

The offering remains subject to approval from the TSX Venture Exchange. Securities issued will be subject to a four-month-and-one-day regulatory hold period. Net proceeds are intended for general corporate purposes, according to the company's statement.

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