Olivut Secures Funding and Advances Seahorse Exploration Efforts

Olivut Resources Achieves Major Funding Milestone

Olivut Resources Ltd. (TSX-V: OLV), a reputable diamond exploration company, has recently finalized a significant non-brokered private placement, successfully raising $597,000 through the issuance of 7,462,500 common shares. This achievement marks another step forward for Olivut as it embarks on ambitious exploration endeavors.

Utilizing Funds for Exploration and Corporate Growth

The proceeds from this private placement will primarily be allocated to exploration initiatives and general corporate expenses. This strategic decision positions Olivut to further its commitments in diamond exploration, particularly at its notable projects—the HOAM Project and the Seahorse Project—both located in Canada's Northwest Territories.

Closing and Participation Details

During this funding round, insiders of the Company participated, making this a related party transaction as outlined under the Multilateral Instrument 61-101. Leni Keough, the Company’s President and CEO, acquired 625,000 common shares, bringing her total shareholding to approximately 12.1%. Pierre Lassonde, another insider, purchased 500,000 common shares, reflecting approximately 10.4% ownership post-placement.

Seahorse Project: Promising Exploration Ahead

Olivut is excited to report recent developments from the Seahorse Project. Throughout the summer, a field program was executed focusing on staking within the project’s permit boundaries and sampling near its main target. This program was particularly noteworthy as it included the collection of a mini bulk sample from beach sands for caustic fusion analysis, aimed at uncovering potential diamond recoveries.

Potential for Significant Mineral Deposits

The Seahorse Project is considered to be rich in potential, capable of hosting significant diamondiferous kimberlite bodies along with other promising mineral deposits. The anticipation is supported by recent findings that included the recovery of 19 microdiamonds and one macrodiamond from previous analysis, as well as positive indications from geophysical surveys and diamond stability field indicators.

HOAM Project: Drill-Ready Prospects

The HOAM Project stands out with several drill-ready targets waiting to be explored. The opportunities offered by both the Seahorse and HOAM projects showcase Olivut's commitment to advancing its exploration activities in regions promising substantial geological rewards.

Future Outlook and Commitment

With these funding successes and active exploration programs underway, Olivut Resources is poised for a transformative period. The company remains dedicated to uncovering the full potential of its projects while enhancing shareholder value through strategic developments.

Frequently Asked Questions

What is the purpose of the private placement funding?

The funds from the private placement will be used for exploration activities and general corporate purposes at Olivut’s projects.

What projects are Olivut currently focusing on?

Olivut is actively focusing on the Seahorse Project and the HOAM Project located in Canada’s Northwest Territories.

Who participated in the private placement?

Insiders, including the Company President Leni Keough and insider Pierre Lassonde, participated in the private placement.

What significant findings have been reported from the Seahorse Project?

Recent findings include the recovery of 19 microdiamonds and one macrodiamond, indicating potential for significant mineral deposits.

How does Olivut plan to utilize the funds from the recent placement?

Olivut plans to utilize the funds for ongoing exploration and to support its operational needs across its projects.

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