Business
E-Power Resources Announces Closing of a Flow-Through Private Placement
Montreal, Quebec--(Newsfile Corp. - July 30, 2024) - E-Power Resources Inc (CSE: EPR) ("E-Power" or the "Company") announces that it has closed the flow-through
About this update from E-power Resources, Inc.
[{"type":"text","content":" Montreal, Quebec--(Newsfile Corp. - July 30, 2024) - E-Power Resources Inc (CSE: EPR) (\"E-Power\" or the \"Company\") announces that it has closed the flow-through non-brokered private placement (the \"FT Offering\") previously announced on July 24, 2024. An aggregate of 1,250,000 units (the \"FT Units\") of the Company were issued in the FT Offering at a price of $0.08 per FT Unit for gross proceeds of $100,000, each 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 $0.12 per Warrant Share for a period of 5 years. All securities issued as part of the closing of the FT Offering, including any shares that may be issued pursuant to the exercise of the Warrant Shares, are subject to a hold period in Canada until November 25, 2024, being four months and one day from the closing of the FT Offering, in accordance with applicable Canadian securities legislation. 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 on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers to the FT Offering effective December 31, 2024. In addition, with respect to Quebec resident subscribers of FT Shares and who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the \"exploration base relating to certain Quebec exploration expenses\" within the meaning of section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the \"exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses\" within the meaning of section 726.4.17.2 of the Taxation Act (Quebec). No Insiders of the Company participated in this FT Offering. The Company paid finders' fees to Qwest Fun...