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New Break Resources Announces Closing of $500,700 Non-Brokered Flow-Through Financing
Toronto, Ontario--(Newsfile Corp. - June 1, 2023) - New Break Resources Ltd. (CSE: NBRK) ("New Break" or the "Company") is pleased to announce that it closed it
About this update from New Break Resources Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 1, 2023) - New Break Resources Ltd. (CSE: NBRK) (\"New Break\" or the \"Company\") is pleased to announce that it closed its previously announced non-brokered private placement flow-through financing (the \"FT Offering\") on May 31, 2023, for proceeds of $500,700. The funds will primarily be used by New Break to conduct a planned drilling program at its Moray gold project located in Ontario on the Cadillac Larder-Lake Fault Zone, approximately 49 km south of Timmins and 32 km northwest of the Young-Davidson gold mine operated by Alamos Gold Inc. The Company issued 3,338,000 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 $0.15 per FT Share. In connection with the Offering, the Company paid aggregate finder's fees of $12,915 and issued an aggregate of 51,000 finder warrants. Each finder warrant is exercisable into one common share of the Company at a price of $0.15 for a period of twenty-four (24) months. All securities issued pursuant to this private placement are subject to a statutory hold period of four months and one day expiring on October 1, 2023, in accordance with applicable Canadian Securities Laws. The completion of the Financing is subject to certain conditions including, but not limited to, the receipt of all required regulatory approvals including final approval of the Canadian Securities Exchange (the \"CSE\"). The gross proceeds received by the Company from the sale of the FT Shares will be used to incur eligible \"Canadian Exploration Expenses\" (\"CEE\") that are \"flow-through mining expenditures\" (as such term is defined in the Income Tax Act (Canada) (the \"Tax Act\"). The Company will renounce such CEE to the purchasers of the Flow-Through Shares with an effective date of no later than December 31, 2023. About New Break Resources Ltd. New Break is a Canadian mineral exploration company with a dual vision for value creation. In northern Ontario, New Break is focused on its Moray Project, in a well-established mining camp, within proximity to existing infrastructure, while at the same time, through our prospective land holdings in Nunavut, we provide our shareholders with significant exposure to the vast potential for exploration success...