Business
E-Power Resources Announces C$2 Million Flow-Through and Non-Flow-Through Private Placements
Montreal, Quebec--(Newsfile Corp. - March 3, 2023) - E-Power Resources Inc (CSE: EPR) ("E-Power" or the "Company") announces its intention to complete a non-bro
About this update from E-power Resources, Inc.
[{"type":"text","content":" Montreal, Quebec--(Newsfile Corp. - March 3, 2023) - E-Power Resources Inc (CSE: EPR) (\"E-Power\" or the \"Company\") announces its intention to complete a non-brokered private placement, comprised of a flow-through portion of up to $1,500,000 (the \"FT Offering\") and a non-flow through portion of up to $500,000 (the \"Non-FT Offering\", and collectively with the FT Offering, the \"Offering\"), for total gross proceeds of $2,000,000. Securities to be issued pursuant to the Non-FT Offering shall consist of an amount of up to 1,250,000 units of the Company (the \"Non-FT Units\") issued at a price of $0.40 per Non FT Unit, each Non FT Units being comprised of one common share in the capital of the Company (each a \"Common Share\") and one common share purchase warrant (each a \"Warrant\"), each Warrant entitling its holder thereof to acquire one additional common share (each a \"Warrant Share\") at a price of $0.60 per Warrant Share for a period of 2 years from the closing date of the Non-FT Offering. Securities to be issued pursuant to the FT Offering shall consist of an amount of up to 3,260,869 units of the Company (the \"FT Units\") issued at a price of $0.46 per Non FT Unit, each FT Units being comprised of one common shares in the capital of the Company (each a \"FT Share\") that will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), and one Warrant, each Warrant entitling its holder thereof to acquire one Warrant Share at a price of $0.60 per Warrant Share for a period of 2 years from the closing date of the FT Offering. Net proceeds from the FT Offering will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\", as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Quebec) (the \"Qualifying Expenditures\"), related to the Company's Tetepisca Graphite Property, located in the Tetepisca Graphite District of the North Shore Region of Quebec, as well as the Company's Turgeon Property, located in the Abitibi Region of Quebec, on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers to the FT Offering effective December 31, 2023. In addition, with respect to Quebec resident subscribers o...