Yorbeau Resources Completes Private Placement Successfully
Yorbeau Resources Inc. is excited to share recent developments in its financial strategy, highlighting a significant achievement through a fully-subscribed private placement. This initiative enabled the Company to issue 13,750,000 flow-through Class A common shares at $0.08 per share, garnering a total of $1,100,000 in proceeds.
Purpose of Fundraising
The funds raised during this private placement will be primarily allocated towards Canadian exploration expenses on Yorbeau's properties. This strategic move underscores the Company’s ongoing commitment to exploration and development.
Insider Participation and Transaction Details
Four directors of Yorbeau participated in this private placement, collectively acquiring 10,000,000 Class A common shares at an aggregate cost of $800,000. This insider involvement categorizes the transaction as a 'related party transaction,' adhering to all regulatory definitions outlined under Multilateral Instrument 61-101. Notably, the formal valuation and minority shareholder approval requirements were exempt due to the nature of the transaction, where the fair market value did not exceed 25% of the Company’s market capitalization.
Yorbeau's Exploration Focus
Yorbeau Resources, identified by its ticker TSX: YRB, is dedicated to gold and base metal exploration in Quebec, Canada. The Company’s primary focus includes finding a partner to advance the exploration of the Scott Lake zinc-copper deposit located near Chibougamau. This approach aligns with its objectives highlighted in the National Instrument 43-101 compliant technical report from December 6, which emphasizes the potential of the Scott Lake Project.
Additional Properties Under Exploration
Further, Yorbeau is keen on pursuing exploration endeavors in the well-positioned Detour, Joutel, and Selbaie regions of northern Quebec. This includes the Beschefer property, strategically adjacent to the B-26 base metal deposit, currently under evaluation by Abitibi Metals Corp., as well as the Selbaie West property, where the company is actively tracking base metal occurrences amidst ongoing drilling efforts.
Exploring Opportunities Ahead
Ahead, Yorbeau Resources intends to capitalize on its exploration activities to maximize shareholder value. Engaging in partnerships will play a crucial role in continuing to unlock the potential of its rich mineral properties and projects spread across the region.
Company Contact Information
For those seeking further details or wishing to inquire about investments or partnerships, Yorbeau Resources invites you to reach out directly. Contact G. Bodnar Jr., President and CFO, by email at gbodnar@yorbeauresources.com or by phone at 514-384-2202. Additionally, Laurent Hallé, Consulting Geologist, can be reached at lhallé@yorbeauresources.com or via telephone at 819-629-9758 for any technical inquiries.
Frequently Asked Questions
What was the amount raised in the private placement?
The private placement raised a total of $1,100,000.
How many shares were issued?
The Company issued 13,750,000 flow-through Class A common shares.
What will the funds be used for?
The proceeds will be invested in Canadian exploration expenses on Yorbeau's properties.
Who participated in this transaction?
Four directors of Yorbeau participated by purchasing a total of 10,000,000 Class A common shares.
Where is Yorbeau Resources focused geographically?
Yorbeau is primarily focused on exploration activities in Quebec, Canada.
