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Cartier Resources Announces Subscription Agreement for Flow-Through Units Under Its Previously Announced Brokered Offering and Adjustments Further to Tax Measures Unveiled by the Quebec Minister of Finance
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About this update from Cartier Resources Inc.
[{"type":"text","content":"Cartier Resources Announces Subscription Agreement for Flow-Through Units Under Its Previously Announced Brokered Offering and Adjustments Further to Tax Measures Unveiled by the Quebec Minister of Finance\n\n\n\n THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.\n \n\n VAL-D’OR, Québec, April 01, 2025 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“\n \n Cartier\n \n ” or the “\n \n Corporation\n \n ”) announces the execution, on March 31, 2025, of an amending agreement (the “\n \n Amending Agreement\n \n ”) further to the engagement letter dated March 20, 2025 between Paradigm Capital Inc. (the “\n \n Agent\n \n ”) and the Corporation (the “\n \n Engagement Letter\n \n ”) with respect to its previously announced “best efforts” private placement offering of securities of Cartier (the “\n \n Offering\n \n \").\n \n\n The Amending Agreement was concluded to address potential impacts of several tax measures unveiled on March 25, 2025 by the Minister of Finance (Québec) in connection with his 2025-2026 budget (the “\n \n 2025 Québec Budget\n \n ”).\n \n\n The Offering will continue to raise aggregate gross proceeds for the Corporation of up to approximately $7,300,160 (subject to a potential increase thereof for additional gross proceeds of up to $1,095,024 in accordance with the exercise of the Agent’s Option, as further described below).\n \n\n The Offering remains a combination of: (a) units of the Corporation issued on a charitable flow-through basis that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the\n \n Income Tax Act\n \n (Canada) (the “\n \n Tax Act\n \n ”) and section 359.1 of the Québec Tax Act (the “\n \n Premium FT Units\n \n ”) for gross proceeds of approximately $5,000,200; and (b) units of the Corporation (the “\n \n Hard Dollar Units\n \n ”) and, together with the Premium FT Units, the “\n \n Offered Securities\n \n ”) at $0.13 per Hard Dollar Unit for gross proceeds of $2,299,960. Each Premium FT Unit consists of one common share in the capital of the Corporation (each a “\n \n Common Share\n \n &#...