Vancouver, BC, February 24, 2017 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (FSE: R9G2) is pleased to announce that it has closed an over-subscribed non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $895,199.96.
The Company has allotted and issued 7,460,000 units (the “Units”) at a price of $0.10 per Unit and 1,243,333 flow-through units (the “FT Units”) at the price of $0.12 per FT Unit. The total gross hard dollars raised is $746,000 and the total gross flow-through dollars is $149,199.96.
The NFT Units are comprised of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the Company for a period of up to two years at a price of $0.15.
The FT Units are comprised of one common share and one-half of one transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional non-flow through common share of the Company for a period of up to two years at a price of $0.15.
In addition, the Company has paid finder’s fees of an aggregate $21,000 and issued 35,000 finder’s warrants to registered dealers. Each finder’s warrant authorizes the holder to acquire one common share of the Company for a period of two years at a price of $0.15.
The Company will use the proceeds of the Private Placement for qualified exploration expenditures on the Company’s Canadian properties and general working capital. All securities issued under the Private Placement are subject to a four-month and one-day hold period expiring on June 25, 2017.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
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.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.