On September 28, 2016, Alternative Earth Resources Inc., now Black Sea Copper & Gold Corp. (the “Company”) (TSXV: BLS), announced that it had completed its acquisition of Black Sea Copper and Gold Corp. (“BSCG”), and closed a concurrent private placement financing which generated gross proceeds of $2 million.
Immediately prior to closing the acquisition the Company completed the consolidation of 1.24 existing shares for one post-Consolidation share and the name of the Company was changed to “Black Sea Copper & Gold Corp.”
A total of 23,190,002 common shares were issued to former BSCG shareholders under the acquisition to acquire BSCG, as well as 2,050,000 replacement stock options, 2,010,000 replacement warrants and $237,500 of convertible debentures.
A total of 10,000,000 units were issued under the financing, with each unit comprised of one common share and one common share purchase warrant.
Miller Thomson advised Alternative Earth Resources with respect to these matters with a team that included Greg Smith, Kevin Sorochan and Erika Lai.