Core Assets (CC-Cse) Closes Cdn$3.0 Million Non-brokered Private Placement
Feb 17, '23 - NR
Core Assets Corp. has closed its previously announced private placement offering of charity flow-through units. Pursuant to the offering, the company issued an aggregate of 7,004,786 charity flow-through units at a price of 43 cents per unit for gross proceeds of $3,012,058, which is an increase of 28,041 units from the number of offered units that was previously announced.
Each unit comprised one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant issued on a non-flow-through basis. Each warrant shall be exercisable into one common share of the company at a price of 47 cents at any time on or before the date which is 24 months from the closing date at an exercise price of 47 cents per warrant share.
All securities issued in connection with the offering will be issued pursuant to one or more prospectus exemptions available to the company, and will be subject to a hold period of four months and one day from the date of issuance as required under applicable securities laws.
The gross proceeds of the offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's Blue property located in British Columbia, Canada, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2023.
In connection with the offering, the company paid cash finders' fees to several eligible persons in the total amount of $36,228.64. In addition, the company issued an aggregate of 96,264 share purchase warrants to the finders. Each warrant issued to the finders entitles the holder to purchase one common share of the company at an exercise price of 47 cents at any time on or before Feb. 17, 2025.
About Core Assets Corp.
Core Assets is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The company currently holds 100-per-cent ownership in the Blue property, which covers a land area of 111,747.96 ha (approximately 1,117 square km). The property lies within the Atlin mining district, a well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. The Blue property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 km in length and runs from the Tally-Ho shear zone in Yukon, south through the Blue property to the Alaskan Panhandle Juneau ice sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ have been neglected since the last major exploration campaigns in the 1980s. The LFZ plays an important role in mineralization of near-surface metal occurrences across the Blue property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn and carbonate replacement-type deposits both globally and in B.C.'s Golden Triangle. The company has leveraged this information at the Blue property to tailor an already-proven exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of Atlin mining district's premier explorers where its team believes there are substantial opportunities for new discoveries and development in the area.
On Behalf of the Board of Directors
CORE ASSETS CORP.
“Nicholas Rodway”
President & CEO
Tel: 604.681.1568 |
