Cartier Resources Closes $6.0 Million Bought Deal Private Placement
VAL-D'OR, QUEBEC--(Marketwired - May 30, 2017) -
NOT FOR DISSEMINATION IN THE US OR THROUGH NEWSWIRE SERVICES
Cartier Resources Inc. ("Cartier" or the "Company") (TSX VENTURE: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.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "is expected", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. These risks include, without limitation, risks related to failure to obtain adequate financing on a timely basis and on acceptable terms, political and regulatory risks associated with mining and exploration activities, including environmental regulation, risks and uncertainties relating to the interpretation of drill and sample results, risks related to the uncertainty of cost and time estimation and the potential for unexpected delays, costs and expenses, risks related to metal price fluctuations, the market for gold products, and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and undue reliance should not be placed on forward-looking statements.
Contact
Philippe Cloutier, P. Geo.
President and CEO
819 856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com
Investor Relations:
Relations Publiques Paradox
514 341-0408