Vancouver, BC (FSCwire) - 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that it has arranged, subject to TSX Venture Exchange acceptance, a private placement of up to 10,000,000 units (the “Units”) at a price of $0.10 per Unit for total gross proceeds of up to $1,000,000.
Each Unit will consist of one common share and one-half of one non-transferable share purchase warrant, each whole warrant exercisable into one additional common share for a period of one year from the date of issue at a price of $0.15 per share, 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.
Finders’ fees may be payable in whole or in part on the placements pursuant to the policies of the TSX Venture Exchange.
Proceeds will be used on advancing the Company’s existing properties and for general working capital.
Further, the Company has granted an aggregate of 1,720,000 incentive stock options (the "Options") to officers, directors and consultants of the Company. The Options are exercisable at $0.10 per share for a period of two years from the date of grant. The Options have been granted under and are governed by the terms of the Company's incentive stock option plan.
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: adrian@92resources.com or visit www.92resources.com.
On Behalf of the Board of Directors,
“ADRIAN LAMOUREUX”
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/92Resources12182017.pdf
Source:
92 Resources Corp. (TSX Venture:NTY, OTCQB:RGDCF, FWB:R9G2)
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