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Tres-Or Announces a Private Placement for Macrodiamond Testing Programs for Its Guigues Diamond Project in Quebec
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UN...
About this update from Tres-or Resources Ltd.
[{"type":"text","content":"Tres-Or Announces a Private Placement for Macrodiamond Testing Programs for Its Guigues Diamond Project in QuebecTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESVancouver, British Columbia--(Newsfile Corp. - December 9, 2021) - Tres-Or Resources Ltd. (TSXV: TRS) (\"Tres-Or\" or the \"Company\") is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to $550,000 through the sale of Common Share Units (as defined herein) and Flow-Through Units (as defined herein) (the \"Private Placement\") to advance its Guigues diamond exploration project near Notre-Dame-du-Nord, Québec (the \"Guigues Project\"). All dollar amounts are in Canadian dollars.Flow-through proceeds to be used to fund 2021-2022 exploration and macrodiamond testing programs for the Guigues Diamond ProjectGeneral working capital and business developmentPrivate Placement TermsThe Company intends to issue a minimum of 2,500,000 common share units at a price of $0.10 per unit (a \"Common Share Unit\" or \"CS Unit\") for gross proceeds of $250,000. Each CS Unit will consist of one common share and one half of one transferable common share purchase warrant (a \"Warrant\"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.20 for a period of two (2) years from the date of issue. The Company also intends to issue up to 2,500,000 flow-through units at a price of $0.12 per unit (a \"Flow-Through Unit\" or \"FT Unit\") for gross proceeds of up to $300,000. Each FT Unit will consist of one flow-through common share (a \"FT Share\") and one-half of one non-transferable common share purchase warrant (a \"FT Warrant\"). Each whole FT Warrant will entitle the holder to purchase one non-flow-through common share of the Company at an exercise price of $0.20 for a period of two (2) years from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).Private Placement Use of ProceedsThe gross proceeds from the issuance of FT Units will be used solely for Canadian Exploration Expenses (\"CEE\") that are \"flow-through mining expenditures\" (as such terms are defined in the Income Tax Act (Canada)) on...