Business
Canter Resources Closes Final Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) (FSE: 6O1) ("Canter" or the "Company") is pl
About this update from Canter Resources Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) (FSE: 6O1) (\"Canter\" or the \"Company\") is pleased to announce that has closed the final tranche of its non-brokered private placement raising gross proceeds of $250,000 through the issuance of 500,000 units (the \"Units\") at $0.50 per Unit (the \"Offering\"). The Company has raised a total of $3,450,700 in both tranches of the Offering through the issuance of a total of 6,901,400 Units (see press release dated December 21, 2023). \"We are fully funded to execute on our Phase I exploration program at the Columbus Lithium-Boron Project and expect to provide updates on our permitting and next steps in the field very shortly,\" stated CEO, Joness Lang. Each Unit consists of one common share in the capital of the Company (a \"Share\") and one-half of one transferrable common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.70 for a period of two years from the closing of the Offering (the \"Expiry Date\"). In the event that the closing price of the Shares of the Company on the CSE (or such other stock exchange on which the Shares are traded) is equal to or greater than $0.95 per Share for a period of 5 consecutive trading days during the Warrant exercise period, the Company may at its option elect to accelerate the expiry of the Warrants by providing notice to the holders thereof within 10 calendar days following the end of such 5 consecutive trading day period, in which case the Warrants will expire on the date specified in such notice, which shall be not less than 30 calendar days following delivery of such notice. The Warrants were issued pursuant to a warrant indenture dated December 21, 2023 entered into between the Company and Odyssey Trust Company, as warrant agent. Joness Lang, CEO and a director of the Company purchased 37,000 Units in the Offering. Mr. Lang also purchased 125,000 Units in the first tranche for a combined total of 162,000 Units. The participation by Mr. Lang in the Offering constituted a \"related party transaction\" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company paid finder's fees of $7,000 cash and 14,000 finder...