The Prospector News

Cartier Closes Private Placement for Total Proceeds of C$9.3M

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Cartier Closes Private Placement for Total Proceeds of C$9.3M

 

 

 

 

 

Cartier Resources Inc. (TSX-V: ECR) announces that it has closed its previously announced private placement for aggregate gross proceeds of C$9,364,626. A total of 21,778,200 flow-through common shares of the Company at a price of C$0.43 per share, were issued. The Offering was completed through Paradigm Capital Inc.

 

In connection with the Offering, the Agent received a cash fee equal to 6% of the gross proceeds of the Offering and compensation options exercisable to acquire that number of common shares of the Company equal to 6% of the total number of shares issued and sold by the Company pursuant to the Offering, at an exercise price of $0.43 for a period of 12 months.

 

Pursuant to the Investor Rights Agreement between Cartier and Agnico Eagle Mines Limited, Agnico Eagle elected to maintain its pro-rata 16.4% interest in Cartier.

 

The gross proceeds from the Offering will be used by the Company to advance and explore respectively the Company’s Chimo Mine and Benoist projects.  These expenditures will be eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) related to the Company’s project in Québec. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2020.

 

The shares issued under the Offering are subject to a four month and one day hold period expiring on December 12, 2020.  The Offering remains subject to the final approval of the TSX Venture Exchange.

 

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

 

Cartier Resources Inc. was founded in 2006 and is based out of Val-d’Or, Quebec.  Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral rich geology, attractive tax environment, and pro-mining government.  In 2020, the Fraser Institute again ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.

 

  • The Company has a strong cash position with over $13.8 million in the bank and important corporate and institutional investors including Agnico Eagle Mines and the Quebec investment funds.
     
  • Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.
     
  • The Company holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world – the commodity focus is gold.
     
  • The Company is focused on advancing its four key projects through drill programs.  All of these projects were acquired at very reasonable valuations over the past few years.  All of them are drill-ready with targets identified similar to the deposits that have been outlined on each project.

 

Posted August 11, 2020

Share this news article

MORE or "UNCATEGORIZED"


VIZSLA SILVER AGREES TO ACQUIRE NEWLY CONSOLIDATED PAST-PRODUCING SILVER DISTRICT IN THE EMERGING SILVER-GOLD-RICH PANUCO - SAN DIMAS CORRIDOR IN MEXICO

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

March 28, 2024

Additional Drill Results Highlighted by Hole D-380 in Block 6 at Oko West, Intersecting 39.7 m Grading 5.27 g/t Au Including 2.8 m @ 14.18 g/t Au and 13.0 m Grading 10.50 g/t Au

Reunion Gold Corporation (TSX-V: RGD) (OTCQX: RGDFF) is pleased t... READ MORE

March 28, 2024

STLLR Gold’s Tower Gold Project Infill Drilling Continues to Confirm Mineralization at the Jonpol Deposit

STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) announces ... READ MORE

March 28, 2024

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

Consolidated copper production is expected to average 153,000i to... READ MORE

March 28, 2024

Aya Gold & Silver: Record 2023 Production, Revenue and Operating Cash Flow

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased t... READ MORE

March 28, 2024

Copyright 2024 The Prospector News