Cartier Resources Inc. (TSX=V:ECR) announced today that it has closed its previously announced private placement for aggregate gross proceeds of $5,299,900. A total of 13,030,000 Flow Through shares of the Company were issued and sold at a price of $0.33 per Flow Through Share and 5,000,000 common shares of the Company were issued and sold at a price of $0.20 per Share. The Offering was completed through Sprott Capital Partners. 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 Offering Shares issued under the Offering is subject to a four month and one day hold period expiring on April 6, 2017. The Offering remains subject to the final approval of the TSX Venture Exchange.
In connection with the Offering, the underwriter received a cash fee equal to 6% of the gross proceeds of the Offering and 1,081,800 non-transferable compensation options. Each compensation option is exercisable into one common share of the Company at a price of $0.27 until December 5, 2019.
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. A 50,000-meter drill program, currently underway, will continue through to December 2018. The 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 resource estimates.
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