Morien Resources Plans Non-Brokered Private Placement Offering
Morien Resources Corp. Announces Private Placement
Morien Resources Corp. (TSXV: MOX) recently shared updates on its intention to establish a non-brokered private placement. This significant move involves offering up to 5,555,556 common shares for $0.18 each, aiming to raise a total of $1,000,000. This financing, recognized as the LIFE Offering, falls under the Listed Issuer Financing Exemption. This means that the offering can proceed without the usual prospectus requirements, expediting the funding process for the company.
Details of the LIFE Offering
The offering document related to this LIFE Offering can be accessed through the company's online profile, allowing potential investors to review critical information before making a financial commitment. The anticipated closing date for the offering is set around December 16, yet this may adjust based on necessary regulatory approvals.
Utilization of Proceeds
Morien plans to utilize the proceeds from this LIFE Offering to bolster its ongoing business operations. The funds may support working capital and cover general corporate needs. If the offering is fully subscribed, Morien expects to secure financial resources that could sustain its operations for up to four years. During this timeframe, the company will focus on advancing several key projects.
Strategic Projects in Progress
One of Morien's primary objectives is advocating for the restart of operations at the Donkin Mine. Simultaneously, the company is pursuing the permitting and environmental evaluations associated with the Lazy Head Aggregate Project, in partnership with Carver Companies. Further, Morien, alongside Carver, is undertaking a technical and commercial evaluation of a potential aggregate opportunity in Newfoundland.
Continued Partnerships and Future Prospects
Morien maintains a strong relationship with Vulcan Materials Company regarding the Black Point Quarry Project. This partnership is pivotal as it encompasses discussions about final decisions on investments, which are crucial for the future of both parties involved. Approximately $400,000 is expected to be paid to Morien as part of this collaboration.
Offering and Regulatory Compliance
The Offered Shares are intended for sale in Canadian provinces and territories (excluding Québec) under the Listed Issuer Financing Exemption. Moreover, the options for sale encompass potential offerings in the United States in accordance with specific exemptions from the registration requirements. Investors should note that shares offered in Canada will not face the typical hold period linked with Canadian securities laws.
Overview of Morien Resources Corp.
Founded in 2012, Morien Resources Corp. is committed to fostering direct prosperity for Nova Scotians, with its primary assets tied to the royalties from the Donkin Mine and the Black Point Project. The company takes pride in a disciplined management approach that prioritizes shareholder returns over corporate expansion. Currently, Morien has approximately 51,292,000 common shares issued and outstanding.
Contact Information for Inquiries
For more details regarding the LIFE Offering or any other inquiries, please contact:
Dawson Brisco, President & CEO
Phone: (902) 403-3149
Email: dbrisco@MorienRes.com
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914
Email: jbudreski@MorienRes.com
Frequently Asked Questions
What is the purpose of the LIFE Offering?
The LIFE Offering aims to raise funds to support ongoing operations and future projects for Morien Resources.
How many shares are being offered in the LIFE Offering?
Morien intends to offer up to 5,555,556 common shares under this private placement.
What projects will the proceeds be used for?
The proceeds will primarily support operations at the Donkin Mine and advance the Lazy Head Aggregate Project, among other corporate needs.
When is the expected closing date for the offering?
The LIFE Offering is anticipated to close around December 16.
Who can invest in the Offered Shares?
Investors from Canada (excluding Québec) and potentially from the U.S. can invest in the Offered Shares, subject to regulatory compliance.
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