Canadian Premium Sand Inc. Announces $1 Million Convertible Debenture Offering

2026-03-02 - 22:13

Certain directors of the Company, being Lowell Jackson, John Assman, Glenn Leroux, and its significant shareholder, being Paramount Resources Ltd., directly or indirectly subscribed for an aggregate amount of $328,000 under the Offering. Accordingly, the Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI-61-101”). The Offering is exempt from the need to obtain minority shareholder and a formal valuation as required by MI 61-101 as the Company is listed on the TSX Venture Exchange and at the time the transaction was agreed to, the fair market value of the Convertible Debentures issued to insiders or the consideration paid by insiders of the Company did not exceed 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering, including the amount to be raised pursuant to the Offering, had not been confirmed at that time and the Company wished to close the Offering on an expedited basis for sound business reasons and in a timeframe consistent with usual market practices for transactions of this nature. Read More