MONTREAL, Oct. 19, 2020 (GLOBE NEWSWIRE) — Dominion Water Reserves Corp. (“DWR” or the “Company”) (CSE:DWR), is pleased to announce that it has (i) appointed a new President and CEO, as well as a VP Marketing, (ii) closed a non-brokered private placement offering of units of DWR (the “Financing”) for gross proceeds of $650,000, and (iii) settled an aggregate of $104,455 in trade payables to two arm’s length parties through the issuance of common shares of DWR (the “Debt Settlement”).
DWR’s operations are based in Quebec, with its primary business being a consolidator of the water industry by acquiring fresh spring water permits and developing operations across Quebec with plans to expand across North America. DWR controls more than 30% of Quebec’s volume of fresh groundwater reserves currently under permit and is strategically positioned to increase its holding. DWR’s mission is to acquire, manage and develop spring water assets building a critical mass in terms of capacity and strategically securing a leadership role in North America’s fresh spring water market. The corporation prioritizes sustainability and environmental consciousness.
The Company announces that it has raised $650,000 by way of a non-brokered private placement of 6,500,000 Units, at an issue price of $0.10 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”) and one Share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.15 per Share for a period of 36 months following the closing of the Financing. The net proceeds of the Financing will be used for working capital purposes.
In connection with the closing of the Financing, the Company paid certain finder’s fees to EMD Financial Inc. and PowerOne Capital Markets Limited consisting of an aggregate of $65,000 in cash, 325,000 Shares and 325,000 finder warrants having the same terms and conditions as the Warrants issued pursuant to the Financing.
All securities issued pursuant to the Financing are subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until February 17, 2021.