Business
New Break Resources Announces Closing of First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - December 29, 2023) - New Break Resources Ltd. (CSE: NBRK) ("New Break" or the "Company") is pleased to announce that, furthe
About this update from New Break Resources Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - December 29, 2023) - New Break Resources Ltd. (CSE: NBRK) (\"New Break\" or the \"Company\") is pleased to announce that, further to its news release dated December 7, 2023, it has closed the first tranche of the previously announced non-brokered private placement (the \"Offering\") of flow-through units (\"FT Units\") at a price of $0.10 per FT Unit and non-flow-through units (\"Units\") at a price of $0.08 per Unit. The closing of the first tranche of the Offering consisted of 1,250,000 FT Units for gross proceeds of $125,000 and 750,000 Units for gross proceeds of $60,000. Each Unit consists of one common share (\"Common Share\") of the Company and one common share purchase warrant (\"Warrant\"), with each Warrant entitling the holder thereof, to purchase one additional Common Share of the Company at a price of $0.12 for a period of twenty-four (24) months from the date of issuance. Each FT Unit consists of one common share that will qualify as a \"flow-through share\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (an \"FT Share\") and one common share purchase warrant, with each Warrant entitling the holder thereof, to purchase one additional non-flow-through Common Share of the Company at a price of $0.15 for a period of twenty-four (24) months from the date of issuance. The Warrants are subject to an acceleration clause, whereby if the closing price of the Common Shares of the Company on the Canadian Securities Exchange (the \"CSE\") is equal to $0.25 or higher for five non-consecutive trading days, over a 365-day period, the Company may accelerate the expiry of the Warrants to the date that is 20 business days from the date of the issuance of a news release by the Company announcing the exercise of the acceleration right. The gross proceeds from the sale of the FT Units will be used for Canadian Exploration Expenses (\"CEE\") and will qualify as \"flow-through mining expenditures\" as defined in the Income Tax Act (Canada). More specifically, it is expected that these proceeds will be used to fund a planned drilling program at the Company's Moray property, located approximately 49 km south of Timmins, Ontario and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. The net proceeds from the sale of the Units will be...