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Cartier Silver Announces Closing of Its Previously Announced Financing
TORONTO, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is has closed
About this update from Cartier Silver Corporation
[{"type":"text","content":" TORONTO, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is has closed the final tranche of a previously announced (see Cartier Silver news releases dated November 22, 2022, December 15, 2022 and December 16, 2022) non-brokered private placement (the “Private Placement”) for additional proceeds of $999,500 pursuant to the offering of 10,000,000 units of Cartier Silver at a price of $0.40 per unit (“Units”) for aggregate gross proceeds of $4,000,000. A total of 2,498,750 Units were issued to investors in connection with the final closing of the Private Placement. Each of the 2,498,750 Units issued consists of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant of the Company (each whole, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.70 for a term of 30 months from the issuance date. In connection with this final closing of the Private Placement, an arm’s length finder received as compensation cash commissions aggregating $4,905. The net proceeds of the Private Placement will be used to finance exploration at the optioned Chorrillos Project and at the additional claims staked by the Company’s subsidiary in the Potosi Department, Bolivia and for working capital purposes. All securities issued pursuant to the Private Placement are subject to the applicable statutory four-month hold period. Some insiders of Cartier Silver participated in the Private Placement (“Insiders”). The part of the Private Placement in respect of the issuance of Units to Insiders constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). A formal valuation was not required under MI 61-101 because the fair market value of the consideration for the transaction involving the Insiders was only $122,500 and, accordingly, does not exceed 25% of the Corporation’s market capitalization as of the date of the Private Placement. Similarly, minority shareholder approval was also not required under MI 61-101 because the fair market value of the consideration for the transaction involving the Insiders does not exceed 25 percent of the Corporation’s capitaliz...