June 12, 2015 Vancouver, BC, Canada: 92 Resources Corp. (NTY–TSXV) (the “Company”) reports it has cancelled the non-binding letter of intent dated April 21, 2015 to take assignment of certain rights to earn a joint venture interest in mineral rights in Finland.
The Company had planned to undergo a 1 for 3 share consolidation of its common shares, issue a total of 10,000,000 post-Consolidation common shares and raise up to $600,000 for working capital and to expend on the Finland project. The Company has decided not to proceed with these transactions.
The Company has instead decided to proceed with a working capital financing of $211,000, with units to be issued at $0.025. Each unit will comprise of one share and one half of one share purchase warrant. Each whole warrant will permit the holder to acquire one additional share at a price of $0.05 for a period of 24 months after closing. The financing is subject to TSXV approval.
Approximately $111,000 will be expended on exploration on our Mitchell Lake Property in Athabasca Basin, Saskatchewan and general working capital, approximately $25,000 in bookkeeping and accounting services; approximately $27,000 for regulatory and legal fees; $8,000 in rent and up to $40,000 will be used to pay management and administrative expenses to related parties. This will permit our company to continue exploration activities through the 2015 season.
Halt in Trading
Trading of the Company shares on the TSXV has been halted as a result of the possible RTO that the Finland transaction represented, but the Company expects trading in its shares will be reinstated soon after dissemination of this press release.
About 92 Resources Corp.
92 Resources is an emerging junior exploration company focused on acquiring and advancing strategic & prospective assets to the benefit of its shareholders. The Company’s current 100% owned silica/quartz Zim Frac claim group, as well as its Mitchell Lake uranium property, located in the Athabasca Basin, Saskatchewan, are all in good standing and currently being maintained.
For further information, please contact Adrian Lamoureux, Pres. & CEO at: Tel: 778-945-2950 firstname.lastname@example.org or visit www.92resources.com .
On behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
Neither the TSX Venture Exchange nor it’s 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
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval, that we may not be able to raise funds required, that conditions to closing may not be fulfilled, we may not be able to organize and carry out an exploration program in 2015, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.