Oracle Commodity plans $250,000 private placement offering

Oracle Commodity Holding Corp. (TSXV: ORCL) (OTCQB: ORLCF) announced plans to complete a non-brokered private placement financing of up to 5,000,000 units at $0.05 per unit for gross proceeds of $250,000, subject to TSX Venture Exchange approval.

Each unit consists of one common share and one transferable warrant. The warrants allow holders to purchase additional common shares at $0.06 each for three years from issuance. The company stated proceeds will be used for general corporate purposes and working capital.

Company insider John Lee intends to subscribe for up to 4,000,000 units, representing $200,000 of the total offering. This insider participation constitutes a related party transaction under securities regulations, though the company plans to rely on exemptions from formal valuation and minority shareholder approval requirements.

All shares issued through the private placement and any shares from warrant exercises will be subject to a four-month hold period plus one day from issuance date, in accordance with securities laws and exchange policies. No finder's fees will be paid in connection with the offering.

The private placement will not create a new control person of the company, according to the announcement. Oracle Commodity describes itself as a mining royalty company holding royalties on precious metal and critical mineral mining projects.

The offering remains subject to TSX Venture Exchange approval. Information in this article is based on the company's press release statement.

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