Morien Resources Corp. Secures Financing
Morien Resources Corp. is thrilled to announce the successful closing of a significant non-brokered Listed Issuer Financing Exemption offering, known as the LIFE Offering. The company has raised gross proceeds of $1,600,000, allowing it to issue 8,888,889 common shares at a price of $0.18 each. This injection of capital is pivotal for the company as it embarks on its next strategic initiatives.
Support from Investors
The LIFE Offering has garnered strong support from a diverse group of stakeholders, specific to existing shareholders, management, directors, and numerous new investors. In a show of commitment to the company, insiders successfully subscribed for a total of 650,753 common shares. Despite the lack of a timely material change report regarding insider participation prior to the closing, the overall enthusiasm around this funding is evident.
Future Operations and Funding Utilization
The net proceeds raised from this offering, when combined with existing cash reserves, are set to provide Morien with a strong financial footing for the next four to five years. During this timeframe, several key operational goals are on the table for Morien, including:
- Advocating for the relaunch of operations at the Donkin Mine, aimed at harnessing its coal production potential.
- Advancing essential permitting, environmental reviews, and technical evaluations for the Lazy Head Aggregate Project in collaboration with Carver Companies.
- Working with Carver to evaluate an early-stage aggregate opportunity in Newfoundland.
- Staying engaged with Vulcan Materials Company regarding its Final Investment Decision related to the Black Point Quarry Project, which includes a milestone payment of $400,000 owed to Morien.
Financing Details and Shareholder Structure
The LIFE Offering is structured under the listed issuer financing exemption in accordance with National Instrument 45-106 – Prospectus Exemptions, applicable across various Canadian provinces and territories. Additionally, these shares were also available for investment in the U.S. under exemptions from the registration mandates of the U.S. Securities Act of 1933. Interestingly, shares issued through the offering will not be subject to a statutory hold period, although those subscribed by insiders will incur a four-month holding period as prescribed by TSX Venture Exchange policies.
Introduction to Morien Resources
Founded in 2012 and based in Nova Scotia, Morien Resources Corp. reflects a commitment to prosperity for Nova Scotians, with a focus on mining development. The company's primary assets include royalties from coal sales at the Donkin Mine and from aggregate sales at the Black Point Project. Morien prides itself on comprehensive asset and liability management, emphasizing shareholder returns above corporate expansion and recognition. Following this latest financing, the total issued and outstanding common shares of Morien stand at 60,180,889, with a fully diluted position of 62,330,889.
Contact Information
For those seeking more information about Morien Resources and its initiatives, please reach out to:
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 is designed to provide Morien Resources with the necessary funds to support its operations and facilitate new projects over the coming years.
How will Morien utilize the funds raised?
Morien intends to use the funds for advocating the restart of operations at the Donkin Mine, advancing the Lazy Head Aggregate Project, and pursuing further development opportunities.
What does Morien’s asset portfolio include?
Morien's main assets include a royalty from coal sales at the Donkin Mine and a royalty on aggregate sales from the Black Point Project.
Who are the key stakeholders in Morien Resources?
Key stakeholders include existing shareholders, management, directors, and new investors engaged through the LIFE Offering.
Where can I find more information about Morien Resources?
Additional information can be found on Morien's official website at www.MorienRes.com.
