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Olivut Resources Announces Option Agreement on New NWT Diamond Project and Closing of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, July 06, 2018 (GLOBE NEWSWIRE) -- Olivut Resources Lt
About this update from Olivut Resources Ltd.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, July 06, 2018 (GLOBE NEWSWIRE) -- Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) President Leni Keough states: “It is an exciting and welcome development for Olivut that we will be exploring a new diamond project and that we have successfully raised the necessary financing required to meet earn-in commitments and support general corporate purposes and other work on the HOAM Project.” The Company closed a non-brokered private placement for aggregate gross proceeds of $1,600,000 (the “Private Placement”). The Private Placement was comprised of (i) 666,667 flow-through common shares (the “FT Shares”) for proceeds of $100,000 at a price of $0.15 per FT Share (the “FT Placement”), and (ii) 12,500,000 common shares (the “Common Shares”) for proceeds of $1,500,000 at a price of $0.12 per Common Share (the “Common Share Placement”). The FT Shares and the Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months after the date of issue. The Company paid a finder’s fee of $37,500, equal to 5% of certain gross proceeds of the Private Placement, to a registered dealer. The TSX Venture Exchange approved for listing the common shares issued under the Private Placement on July 4, 2018. Olivut will use some of the proceeds of the Private Placement to fund exploration on the Horton Project (as defined below) and the balance of the proceeds of the Private Placement for exploration on the HOAM Project (as defined below) and for general corporate purposes. The Company is also very pleased to announce that it has signed an Option Agreement with Talmora Diamond Inc. (“Talmora”) to earn 50% on Talmora’s Horton Project, located in Canada’s Northwest Territories (the “Horton Project”), by spending $1,200,000 over two years and making a $200,000 payment to Talmora. Olivut is the operator. A summer field season of helimag and follow-up drilling is planned to test multiple targets over the next several months. Based on a combination of: favourable diamond stability indicator minerals found regionally and locally, including macro diamonds found in regional samples to the west and northwest; specific ...