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Yorbeau Resources Closes Third and Final Tranche of Non-Brokered Private Placement
MONTREAL, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the "Company" or "Yorbeau") is pleased to announce that it has completed the thir
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":" MONTREAL, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Yorbeau Resources Inc. (TSX: YRB) (the \"Company\" or \"Yorbeau\") is pleased to announce that it has completed the third and final tranche of a $1,200,000 private placement (the \"Private Placement\") by issuing on August 4, 2023, 8,898,333 Class A common shares comprised of 3,668,333 \"flow-through\" Class A common shares at a price of $0.07 per share and 5,230,000 non-flow-through Class A common shares at a price of $0.035 per share for an aggregate gross proceeds of $439,833. The first and second tranches of the Private Placement generated an aggregate of $760,167 in gross proceeds for the Company, as previously announced by the Company on June 30, 2023. 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. Four directors of the Company, namely Messrs. Terry Kocisko, Georges Bodnar Jr., Henri Gélinas, and Dany Laflamme, subscribed for 3,096,429, 485,714, 861,457 and 1,703,333 Class A common shares, respectively, and a total of 6,146,933 Class A common shares in the aggregate having an aggregate subscription price of $336,534.31. 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 was reviewed and approved by the board of directors of the Company, with interested directors abstaining from voting on such approval following a disclosure of their interest in the Private Placement as required under the Business Corporations Act (Québec). 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 first and second tranches of the Private Placement as participation of the ins...