Thunder River Enterprises Announces Closing of Private Placement of Convertible Units and Debentures, Closing of Debt Settlement and Change of Management and Board of Directors
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Toronto, Ontario – (Newsfile Corp. – June 7, 2021) – Thunder River Enterprises Inc. (“Tonnerre River“or the”Company“) is pleased to announce that it has completed a non-intermediary private placement (the”Unit Offer“) of 30,000,000 units (“Units“) at a purchase price of $ 0.01 per unit, for total gross proceeds of up to $ 300,000. Each unit consists of one common share (“Ordinary share“) and a half term (a”To guarantee“). Each whole warrant may be exercised to acquire one common share at a price of $ 0.015 until June 7, 2023.
The Company is also pleased to announce that it has closed a private placement of secured convertible debentures (each a “Debenture“) for gross proceeds of $ 80,000 (the”Placement of Debentures“). The debentures bear interest at a rate of 10% per annum and have a term of 24 months from the date of issue and are convertible into units at a conversion price of $ 0.01 per unit. Each unit has a term of 24 months from the date of issue and is convertible into units at a conversion price of $ 0.01 per unit. the same terms and conditions as the Offering Unit. The net proceeds from the Offering of Units and the Offering of Debentures will be used for general corporate and working capital purposes. All securities issued in connection with the Offering of Units and offering of debentures are subject to a legal hold period ending October 8, 2021.
Thunder River is also pleased to announce that it has finalized the debt settlement with Family Memorial Inc. (“Family memorial“) and Morris McManus Professional Corporation (“McManus“) in respect of a total of $ 99,354 (collectively, the”Debt settlements“). Family Memorials agreed to remit a total of $ 60,254 and settle the balance of $ 20,000 by issuing 2,000,000 units. McManus accepted a cash payment of $ 9,600 and settle the balance of $ 9,500 through the issuance of 950,000 units The units issued under the debt settlements have the same conditions as under the offer and are subject to a legal holding period ending on October 4, 2021. Family Memorial’s participation in debt settlements constitutes a “related party transaction” as this condition is defined by multilateral instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101“) under applicable securities laws. Under NI 61-101, the Company avails itself of an exemption from the formal valuation requirement and minority shareholder approval for debt settlement Family Memorial’s participation in the debt settlements has been approved by the directors of the Company who are independent of the related party for purposes of debt settlement.
Finally, the Company announces that at the closing of the placement, the current directors and officers have resigned and that the following persons have been appointed as directors and officers of the Company:
Michael Stein, CEO and Director
Mr. Stein currently acts as a financial advisor and advises his clients on a variety of matters, including acquisitions, divestitures, corporate financings, reorganizations and restructurings. Mr. Stein is CEO and director of Loon Energy Corporation. Mr. Stein was CEO and director of Danbel Ventures Inc., Applied Inventions Management Inc. and Majesta Minerals Inc .; Director, US Money Markets for a federally chartered Canadian trust company and previously, Senior Institutional Banker for a Savings & Loan Association in Long Beach, California. Mr. Stein majored in economics and received a Bachelor of Arts from York University.
Harvey McKenzie, Chief Financial Officer and Director
Mr. Harvey McKenzie is a CPA, CA (LIFE MEMBER) with over 35 years of accounting experience, including seven years in an international accounting firm. He is currently CFO and Corporate Secretary of Omai Gold Mines Corp., CFO and Director of Debut Diamonds Inc., and Director of MGM Resources Corp., Jaguar Financial Corporation, Canada Iron Inc., Eagle 1 Capital Corporation, Guyana Frontier Mining. Corp., and Loon Energy Corporation. Over the past ten years, Mr. McKenzie has served as Chief Financial Officer of several publicly traded Canadian mining exploration, development and production companies. His experience in public companies includes TSX, TSXV and AIM, which gives him a solid understanding of global reporting standards, IFRS and information consolidation for global entities. Mr. McKenzie holds a Bachelor of Science in Mathematics from the University of Toronto.
Barry Polisuk, Director
Mr. Polisuk is a graduate of the Faculties of Law at McGill University and the University of Ottawa, obtaining an LL.B. cum laude and a diploma in civil law from Quebec. Mr. Polisuk was called to the Bar in 1988. Mr. Polisuk is Senior Counsel at Friedmans LLP and was previously a partner at Garfinkle, Biderman LLP since 1997. Mr. Polisuk is a business and commercial lawyer, specializing in labor, y including securities. He has served on the boards of several publicly traded companies including Majesta Minerals Inc., Richards Oil & Gas Limited, Arehada Mining Limited (formerly Dragon Capital Corporation) and iSign Media Solutions Inc. (formerly Corbal Capital Corp.). He was General Secretary of Mooncor Oil & Gas Corp. and Solid Gold Resources Corp. and Chairman of Danbel Ventures Inc. Mr. Polisuk is currently a Director and Corporate Secretary of Nurcapital Corporation Ltd., Director and Chairman of the Board of Canntab. Therapeutics Ltd. and director of Loon Energy Corporation.
Danny Dalla-Longa, director
Mr. Dalla-Longa is currently CEO of Flurotech Ltd., a technology company that is currently involved in the development of high-speed, verifiable and accurate Covid 19 testing technology. He was involved in the brokerage industry for 5 years and before that he was a partner for 18 years in a large accounting firm engaged in corporate finance and business valuation. As a result, he has considerable experience in corporate acquisitions, divestitures and financing. Mr. Dalla-Longa holds the titles of Chartered Accountant and Chartered Business Valuator.
About Thunder River
Thunder River was incorporated under the Business Corporations Act (British Columbia) and has never carried on an active business other than identifying and valuing assets or businesses with a view to effecting a transaction.
For more information contact:
Thunder River Enterprises Inc.
Attention: Michael Stein, Chief Executive Officer
Telephone: (416) 410-7722
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86813