Vancouver, BC (FSCwire) - 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that it has closed a non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $1,141,000.
The Company has allotted and issued 11,410,000 units (the “Units”) at a price of $0.10 per Unit. Each Unit is comprised of one common share and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company for a period of up to twelve months at a price of $0.15, subject to accelerated expiry.
In addition, the Company has paid finder’s fees of a total of $16,400 and issued an aggregate 164,000 finder’s warrants (the “Finders Warrants”). Each Finders Warrant is exercisable into one common share for a period of up to twelve months at a price of $0.15, subject to accelerated expiry.
In the event that the closing price of the Company’s common shares is at or above $0.20 per share for ten consecutive days, the Company may provide notice to the warrant holders that the expiry date of the warrants has been accelerated and that warrants not exercised within 30 days will expire.
Proceeds will be used on advancing the Company’s existing properties and for general working capital. All securities issued under the Private Placement are subject to a four-month and one-day hold period expiring on May 4, 2018.
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy related projects. The Company currently holds three principal assets in Canada: the Hidden Lake Lithium Property, NWT, the Corvette Lithium Property, QC, and the Golden Frac Sand Property, BC.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District with 2016 exploration results returning 1.90% Li2O over 9 m and grab samples up to 3.3% Li2O. The Property is easily road accessible and its proximity to infrastructure provides for numerous development advantages.
The Corvette property consists of 76 claims, totalling 3,891 hectares, situated within the Guyer greenstone belt, which is also a favourable geological environment for gold occurrences. A summer 2017 due diligence site visit has returned samples of 3.48% and 7.32% lithium dioxide from spodumene-bearing pegmatite exposed at surface.
The Golden Frac Sand Property covers more than a 4 km length of the Mount Wilson Formation, which consists of high purity, white, quartzite and friable sandstones. It’s strategic location in western Canada and proximity to infrastructure, provides competitive access to the oil and gas markets where high-quality frac sand is an essentially input. The adjacent Moberly Silica Sand Mine, owned and operated by Heemskirk Canada Ltd., produces a number of high-purity products and as of February 2017, became subject to a takeover bid by Northern Silica Corporation valued at $42.3 million AUD.
For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-945-2950, E-mail: firstname.lastname@example.org or visit www.92resources.com.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
Neither the 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 news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.