SRQ Resources Announces Closing of C$1.1 Million Non-Brokered Private Placement of Common and Flow-Through Shares

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[{"type":"text","content":"SRQ Resources Announces Closing of C$1.1 Million Non-Brokered Private Placement of Common and Flow-Through SharesMONTREAL, QC / ACCESSWIRE / December 22, 2023 / SRQ Resources Inc. (TSXV:SRQ) (\"SRQ\" or the \"Corporation\") is pleased to announce the closing of a non-brokered private placement (the \"Offering\"). The Corporation has issued a total of 6,015,410 shares of the Corporation (each, a \"Common Share\") for aggregate gross proceeds of C$1,130,741. The Offering comprised two tranches, as follows:Tranche 1 - Common Shares: 406,250 Common Shares (the \"Hard Dollar Shares\") at a price of C$0.16 per Hard Dollar Share for gross proceeds of C$65,000; andTranche 2 - Flow-Through Shares: 5,609,160 Common Shares that qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the \"FT Shares\") at a price of C$0.19 per FT Share for gross proceeds of C$1,065,741.In consideration for providing certain finders' services to the Corporation in connection with the Offering, the Corporation paid cash finders' fees in the aggregate C$37,453 and issued 197,120 warrants to purchase Common Shares exercisable at $0.16 for a period of 24 months in connection with the closing of the Offering. The finders fees were paid to certain arm's-length finders, representing up to 7% of the gross proceeds received by the Corporation from subscribers that were introduced to the Corporation by such finders.The gross proceeds from the sale of the Flow-Through Shares will be used by the Corporation to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\" (as both terms are defined in the Income Tax Act (Canada)) (the \"Qualifying Expenditures\") related to the Corporation's projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares with an effective date no later than December 31, 2023 and in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of the Flow-Through Shares. The net proceeds from the sale of the Hard Dollar Shares are expected to be used by the Corporation for working capital and general corporate purposes.All securities issued under the Offering are subject to a hold period expiring four months and one day from the date hereof. The ...

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