Cartier Resources Announces C$3,024,000 Flow-Through Financing
VAL-D'OR, QUEBEC--(Marketwired - Feb 16, 2017) - Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier" or the "Company") is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (the "Agent") under which the Agent has agreed to sell on a best efforts, private placement basis up to 11,200,000 Québec super flow-through shares of the Company (the "Flow-Through Shares") at a price of C$0.27 per Flow-Through Share for total gross proceeds of up to C$3,024,000 (the "Offering"). The Agent has been granted the option to sell up to an additional 15% of the number of Flow-Through Shares issuable in the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering.
Cartier is also pleased to announce that pursuant to the Investor Rights Agreement between Cartier and Agnico Eagles Mines Limited ("Agnico Eagle"), Agnico Eagle has indicated that it intends to maintain its pro-rata 19.97% interest in Cartier after giving effect to the Offering.
The closing of the Offering is expected to occur on or about March 7, 2017, and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
The Company intends to use the gross proceeds of the Offering for "Canadian Exploration Expenses" (within the meaning of the Income Tax Act (Canada)) related to the Company's Québec mineral concessions. The Company will agree to renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2017.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this release constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Philippe Cloutier, P.Geo.
President and CEO