pcNewsWire – Cartier Resources Inc. (TSX-V: ECR) has closed its previously announced bought deal private placement of 22,250,000 common shares at a price of $0.27 per share for gross proceeds of $6,007,500. Canaccord Genuity Corp. acted as lead agent.
Proceeds will be used to fund further exploration on the company’s Chimo Mine, Wilson, Benoist and Fenton properties and for general working capital purposes.
News Release
NOT FOR DISSEMINATION IN THE US OR THROUGH NEWSWIRE SERVICES
Cartier Resources Closes $6.0 Million Bought Deal Private Placement
Val-d’Or, Quebec – May 30, 2017 – Cartier Resources Inc. (“Cartier” or the “Company”) (TSXV:ECR) announced today that it has closed its previously announced bought deal private placement (the “Offering”) for aggregate gross proceeds of $6,007,500. A total of 22,250,000 common shares of the Company (the “Offering Shares”) were issued and sold at a price of $0.27 per Offering Share. The Offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp. and including Paradigm Capital Inc. All monetary references are in Canadian dollars.
The net proceeds raised through the Offering will be used to fund further exploration on the Company’s Chimo Mine, Wilson, Benoist and Fenton properties and for general working capital purposes.
“The Company is very pleased to have arranged this offering with an elite group of institutions including lead investor JP Morgan Asset Management UK”, stated Philippe Cloutier, President and Chief Executive Officer.
The Offering Shares issued under the Offering is subject to a four month and one day hold period expiring on October 1, 2017. The Offering remains subject to the final approval of the TSX Venture Exchange.
In connection with the Offering, the underwriters received a cash fee equal to 6% of the gross proceeds of the Offering and 1,335,000 non-transferable compensation options. Each compensation option is exercisable into one common share of the Company at a price of $0.27 until November 30, 2018.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Cartier Resources Inc.
Cartier Resources Inc. holds an attractive portfolio of advanced stage gold exploration assets located within the Abitibi Greenstone Belt in Val-d’Or, Québec – one of the most prolific mining regions in the world. On April 6, 2017, the Company’s Board of Directors approved a 50,000-meter drill program to be conducted over the next fifteen months. Purpose of the drill program is to explore the depth and lateral extensions of known high grade gold mineralization contained within four of Cartier’s prospective projects, namely Chimo Mine, Wilson, Benoist and Fenton, with the objective of advancing these assets toward new resource estimates.
Additional information regarding Cartier Resources Inc. is available on SEDAR at www.sedar.com under the Company’s profile and at its website at www.resourcescartier.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the contents of this press release.
