VAL-D’OR, QUEBEC -Cartier Resources Inc. (” Cartier ” or the ” Company “) (TSX VENTURE: ECR) is pleased to announce an agreement with Canaccord Genuity Corp. (the ” leader “) and including Paradigm Capital Inc. (the leader, the ” Underwriters “), as part of a private placement of common shares of the Company pursuant to which the Underwriters Will purchase 22,250,000 common shares of the Company (the ” Offered Shares “) at a price of $ 0.27 per share offered for aggregate gross proceeds of $ 6,007,500 (the ” Offering “).
The net proceeds from the Offering will be used to fund new exploration activities on the Company’s Chimo, Wilson, Benoist and Fenton Mine properties and for working capital.
Closing of the Offering is expected to occur on or about May 30, 2017 (the ” Closing Date “). Closing of the Offering is subject to receipt of required regulatory approvals including approval of the offering by the TSX Venture Exchange. The Offered Shares will be subject to a four-month holding period under applicable securities laws in Canada.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in or for the account of the United States or The benefit of an American person without the benefit of an exemption from registration under that Act.
About Ressources Cartier inc.
Cartier Resources inc. Holds a portfolio of advanced gold exploration projects located in the Abitibi Greenstone Belt, Quebec – one of the most prolific mining regions in the world. On April 6, 2017, the Board of Directors approved a 50,000-meter drilling program that will span the next 15 months. The purpose of this work will be to explore the lateral and deep extensions of the known high-grade gold mineralization zones in order to increase the size of the deposits of four of the Company’s projects: Mine Chimo, Wilson, Benoist and Fenton In order to move these assets towards the new resource estimates.
Source: Cartier Resources Inc.