Business
New Break Resources Announces Flow-Through Financing to Raise up to $750,000
Toronto, Ontario--(Newsfile Corp. - May 9, 2023) - New Break Resources Ltd. (CSE: NBRK) ("New Break" or the "Company") is pleased to announce that it intends to
About this update from New Break Resources Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 9, 2023) - New Break Resources Ltd. (CSE: NBRK) (\"New Break\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement offering of up to 5,000,000 flow-through common shares (\"Flow-Through Shares\") at a price of $0.15 per Flow-Through Share, for gross proceeds of up to $750,000 (the \"Offering\"). All securities issued under the Offering are subject to a four-month and one day statutory hold period. The gross proceeds from the Offering will be used for Canadian Exploration Expenses and will qualify as \"flow-through mining expenditures\" as defined in the Income Tax Act (Canada). More specifically, it is expected that the proceeds of the Offering 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. Finder's fees may be payable to qualified individuals (the \"Finder\") pursuant to which the Finder may receive a finder fee equal to 6% of the gross proceeds received by the Company from purchasers under the Offering who were introduced to the Company by such Finder and finder warrants (\"Finder Warrants\") entitling the Finder to purchase that number of common shares of the Company equal to 6% of the aggregate number of Flow-Through Shares sold by such Finder under the Offering at a price of $0.15 per common share for a period of twenty-four (24) months from the date of closing of the Offering. The closing of the Offering is anticipated to take place on or about May 31, 2023, or such other date as the Company may agree (the \"Closing\"). The Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. About New Break Resources Ltd. New Bre...