Cartier Resources Inc. Finalizes Private Placement Funding
Cartier Resources Inc. (TSX-V: ECR) is excited to announce the successful closing of a private placement that achieved gross proceeds amounting to $487,432. This financing involved the issuance of 4,431,202 units priced at $0.11 each, furthering the exploration and operational capabilities of the company.
Each unit comprises one common share and a purchase warrant, allowing the holder to acquire an additional share at $0.16 within the next thirty-six months. This approach not only provides immediate funds but also offers an incentive for shareholders to engage further with the company's growth and future equity increased potential.
Utilization of Private Placement Proceeds
The funds acquired from this private placement are earmarked for general administrative expenses, aiding in the efficient management of Cartier's operational activities. Efficient management of this financing is crucial as it facilitates the company’s commitment to advancing its significant projects in Quebec.
Involvement of Insiders and Related Party Transactions
A noteworthy aspect of this financing is the participation of insiders within the company, who subscribed to 1,070,638 units, contributing $117,770. This participation classifies as a related party transaction according to regulations, which ensures transparency and fairness in dealings. Given that the securities issued do not exceed 25% of Cartier's market cap, the placement is exempt from certain regulatory approvals.
Final Approvals and Holding Period
It’s important to note that the securities issued under this private placement will be under a four-month statutory hold period. Additionally, the final approval from the TSX Venture Exchange is still pending. This step is vital for the validation of the placement and signifies adherence to market regulations.
About Cartier Resources Inc.
Founded in 2006, Cartier Resources Inc. operates out of Val-d’Or, focusing on mining exploration across Quebec. This region is frequently cited among the most favorable mining jurisdictions globally. Cartier is diligently advancing its flagship Cadillac Project, which includes the Chimo Mine and East Cadillac properties alongside other promising projects. With significant backing from industry partners like Agnico Eagle, O3 Mining, and various Quebec investment funds, Cartier is well-positioned to capitalize on its opportunities.
Company Contact Information
For further details or inquiries, please reach out to:
Philippe Cloutier, P.Geo.
President and CEO, Cartier Resources
Telephone: 819 856-0512
E-mail: philippe.cloutier@ressourcescartier.com
Website: www.ressourcescartier.com
Frequently Asked Questions
What is the total amount raised in the private placement?
The total amount raised in the private placement is $487,432.
What does each unit in the private placement consist of?
Each unit consists of one common share and one purchase warrant for an additional common share.
Who is involved in this private placement?
Insiders of Cartier Resources participated, subscribing to a total of 1,070,638 units.
What is the purpose of the funds raised?
The funds are primarily allocated for general administrative expenditures of the company.
When does the holding period for the securities end?
The securities will be under a statutory hold period of four months from the closing date.
