Business
New Break Resources Announces up to $1 Million Non-Brokered Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - December 7, 2023) - New Break Resources Ltd. (CSE: NBRK) ("New Break" or the "Company") is pleased to announce that it inten
About this update from New Break Resources Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - December 7, 2023) - New Break Resources Ltd. (CSE: NBRK) (\"New Break\" or the \"Company\") is pleased to announce that it intends to undertake a non-brokered private placement offering of up to 3,750,000 non-flow-through units (\"Units\") at $0.08 per Unit for gross proceeds of up to $300,000 and 7,000,000 flow-through units (\"FT Units\") at a price of $0.10 per FT Unit, for gross proceeds of up to $700,000 (the \"Offering\"). The Company will make a provision for an over-allotment option (the \"Over-Allotment Option\") to allow the purchase of up to 1,250,000 additional $0.08 Units beyond the number of Units contemplated in this Offering. If the Over-Allotment Option is fully exercised, the total gross proceeds will be $400,000 from the sale of 5,000,000 Units. 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 closing. 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 closing. 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. All securities issued under the Offering are subject to a four-month and one day statutory hold period. The net proceeds from the sale of the Units will be used for general working capital purposes, while the gross proceeds from the sale of the FT Units will be used for Canadian Exploration Expenses (\"CEE\") and will qualify as \"flow-through mi...