Business
Yorbeau Resources Closes C$1.2 Million Non-Brokered Private Placement
MONTREAL, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the "Company" or "Yorbeau") is pleased to announce that it has completed a fully-
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":" MONTREAL, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the \"Company\" or \"Yorbeau\") is pleased to announce that it has completed a fully-subscribed private placement (the \"Private Placement\") by issuing 26,666,680 Class A common shares composed of (i) 13,333,340 \"flow-through\" Class A common shares at a price of $0.05 per share and (ii) 13,333,340 non-flow-through Class A common shares at a price of $0.04 per share for an aggregate gross proceeds of $1,200,000.60. The Company will use the proceeds raised from the issue of the flow-through Class A common shares to incur Canadian exploration expenses on its properties and the proceeds raised from the issue of the non-flow-through Class A common shares for general corporate purposes. Five insiders subscribed for a total of 16,772,220 Class A common shares having an aggregate subscription price of $754,749.90. As insiders of the Company participated in the Private Placement, it is deemed to be a \"related party transaction\" as defined under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the Class A common shares distributed to, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Private Placement as participation of the insiders had not been confirmed at that time. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements. The Company paid finder fees in the aggregate amount of $19,830 with respect to a portion of the Private Placement. Update on Explorati...