pcNewsWire – Far Resources Ltd. (CSE: FAT; FSE:F0R) has completed previously announced private placement of 3,500,000 units at $0.09 per unit for gross proceeds of $315,000. The financing was oversubscribed by $15,000.
Proceeds will be used to advance the company’s strategic plan including additional exploration of the Zoro Lithium property and for general working capital purposes.
News Release
Far Resources Closes Financing, Issues Securities, Receive MEAP Grant
May 29, 2017 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that it has completed the financing announced on May 17, 2017 to raise up to $300,000 (the “Financing”). The Financing was oversubscribed, raising an aggregate total of $315,000. The Financing consists of will consist of up to 3,500,000 units (the “Units”) at a price of $0.09 per Unit. Each Unit will consist of one common share (each a “Share”) and one half (1/2) of one common share purchase warrant (the “Warrants”). Each whole Warrant will be exercisable by the holder into one Share of the Company at a price of $0.15 per Share for a period of one year from close of financing. The proceeds of the Financing will be used to advance the Company’s strategic plan including additional exploration of the Zoro Lithium property and for general working capital purposes. All securities issued pursuant to this Financing will be subject to a 4-month and one day hold period from the date of closing. All amounts quoted in this news release are in Canadian dollars.
The Company has also settled certain invoices with one of its service providers in the amount of $13,300 through the issuance of 140,000 common shares at a deemed price of $0.095. Furthermore, the Company has entered into an agreement with a consultant. This consultant will be paid $10,000 per month, for the services to be rendered, to be paid in shares (the “Monthly Fee”). The Monthly Fee will payable in arrears on the last day of each month in which services were provided and will be paid through the issuance of that number of Common shares valued at $10,000 (the “Shares”) where the share issuance price shall not be below $0.10 per Share. Such agreement may be terminated by either party on 7 days’ written notice.
The Company is pleased to announce it has received the MEAP Grant payment from the Manitoba government as previously announced on December 19, 2016. The Mineral Exploration Assistance Program (MEAP) Grant is designed to increase exploration and to stimulate activities that could lead to the development of new mines and industrial mineral deposits in Manitoba.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources currently has two mineral projects in place. The Zoro Lithium project covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second project is the Winston project in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
