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E-Power Resources Announces Closing of a First Tranche of Flow-through and Non Flow-Through Private Placements
Closing of a First Tranche of Previously Announced Private Placement Montreal, Quebec--(Newsfile Corp. - April 1, 2023) - E-Power Resources Inc (CSE: EPR) ("E-P
About this update from E-power Resources, Inc.
[{"type":"text","content":" Closing of a First Tranche of Previously Announced Private Placement Montreal, Quebec--(Newsfile Corp. - April 1, 2023) - E-Power Resources Inc (CSE: EPR) (\"E-Power\" or the \"Company\") announces that it has closed a first tranche of the private placement previously announced on March 3, 2023. An aggregate of 590,000 units (the \"Non-FT Units\") of the Company were issued in the non-flow-through portion of the private placement at a price of $0.40 per Non-FT Unit for gross proceeds of $236,000, each Non FT Unit 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. (the \"Non-FT Offering\") Net proceeds from the Non FT Offering will be used by the Company for general working capital purposes. An aggregate of 1,369,600 units (the \"FT Units\") of the Company were issued in the flow through portion of the private placement at a price of $0.46 per FT Unit for gross proceeds of $630,016, each FT Unit being comprised of one common share 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 (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, or the Company' Turgeon Property, located in the Abitibi, 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 of FT Shares and who are eligible i...