Eastfield Resources Ltd. Announces Closing of Private Placement
Vancouver, July 29, 2024 - Eastfield Resources Ltd. (TSX-V: ETF) ("Eastfield" or the "Company ") announces that it has closed its previously announced non-brokered private placement for total proceeds of $150,000 (see news release dated June 3, 2024). The private placement consisted of the sale of 6,000,000 units at a price of $0.025 per unit, with each unit consisting of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.05 until July 23, 2026. All securities issued as part of the closing of this private placement, including any shares that may be issued pursuant to the exercise of the share purchase warrants, are subject to a hold period in Canada until November 24, 2024.
Eastfield paid a cash finder's fee of $1,800 to Leede Financial Inc., of Vancouver, B.C. in connection with this private placement.
The proceeds from the sale of the units will be used to finance an exploration program at Eastfield's 100% owned Zymo Project and for general working capital purposes.
Insiders of Eastfield purchased a total of 3,400,000 units in the private placement. The participation of these insiders constituted a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - "Protection of Minority Security Holders in Special Transactions" ("MI 61-101"). Eastfield has relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of insider participation in the private placement did not exceed 25% of Eastfield's market capitalization.
For more information, please visit the Company's website at www.eastfieldresources.com.
David M Douglas, CPA, CA.
CFO and Director
Contact: (604) 681-7913 or Toll Free: 888-656-6611
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.
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