Fox River Resources Corporation (CSE: FOX) is pleased to announce that it has closed the non-brokered private placement announced on February 16, 2023, which was subsequently increased to $2,300,000 on February 21, 2023.
Pursuant to the Offering, the Company issued 11,500,000 common shares at $0.20 per common share for aggregate gross proceeds of $2,300,000. The gross proceeds of the Offering will be used for the exploration and advancement of the Company’s Martison Phosphate Project, and for general corporate purposes. Each of the securities issued under the Offering are subject to a hold period under Canadian law which will expire four months and one day from the closing date of the Offering, being July 16, 2023.
The Company paid finders fees in compliance with the policies of the Canadian Securities Exchange and applicable securities legislation, to arm’s length finders in connection with subscriptions from subscribers introduced by them, totaling $8,200 in cash, 52,500 common shares of the Company, and 52,500 finders warrants exercisable at $0.30 for two years from closing. Following the closing of the Offering, the Company has 63,963,175 common shares issued and outstanding.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ABOUT FOX RIVER
Fox River owns a 100% interest in the Martison Phosphate Project, located near Hearst, Ontario. The Martison Phosphate Project hosts the Anomaly A deposit which forms the basis for a positive preliminary economic assessment with an effective date of April 21, 2022.
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