A.I.S. Resources Announces Financing
January 07 2021 - 7:44PM
A.I.S. Resources Limited (TSX-V – AIS, OTCQB:
AISSF) (the “Company” or “AIS”) AIS announces a non-brokered
private placement of up to 15,625,000 units
("
Units") at a price of $0.08 per unit for gross
proceeds of $1,250,000. (the "
Private Placement").
The proceeds will be used for exploration of the Company’s gold
projects and general working capital purposes.
Each Unit consists of one common share and one
transferrable share purchase warrant. Each warrant will entitle the
holder thereof to purchase one additional common share for a period
of 12 months from the closing date of the offering at a price of
$0.12 per common share provided that if the closing price of the
common shares of the Company on any stock exchange or quotation
system on which the common shares are then listed or quoted is
equal to or greater than $0.15 for a period of fifteen (15)
consecutive trading days, the Company will have the right to
accelerate the expiry of the warrants to a date that is not less
than ten (10) business days from the date notice is given. The
Company may pay finders fees of up to 8% cash and 8% finders
warrants on a portion of the placement.
Closing of the Private Placement is subject to
acceptance by the TSX Venture Exchange. All securities issued in
connection with the Private Placement will be subject to a
four-month hold period from the closing date under applicable
Canadian securities laws.
Certain directors and officers may participate
in the Private Placement. Such participation is considered a
related party transaction within the meaning of Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The
related party transaction will be exempt from minority approval,
information circular and formal valuation requirements pursuant to
the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI
61-101, as neither the fair market value of the gross securities to
be issued under the Private Placement nor the consideration to be
paid by the insiders will exceed 25% of the Company's market
capitalization. A material change report will be filed less than 21
days before the closing date of the transactions contemplated by
this news release. The Company believes this shorter period is
reasonable and necessary in the circumstances.
The Private Placement securities have not been
and will not be registered under the U.S. Securities Act of 1933,
as amended (the "1933 Act"), or under any state securities laws,
and may not be offered or sold, directly or indirectly, or
delivered 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 registration or an applicable exemption from the
registration requirements. This news release does not constitute an
offer to sell or a solicitation to buy such securities in the
United States.
About A.I.S. Resources
LimitedA.I.S. Resources Limited is a publicly traded
investment issuer listed on the TSX Venture Exchange focused on
precious and base metals exploration. AIS’s value add strategy is
to acquire prospective exploration projects and enhance their value
by better defining the mineral resource with a view to attracting
joint venture partners and enhancing the value of its portfolio.
The Company is managed by a team of experienced geologists, with a
track-record of successful capital markets achievements. In
November 2020, AIS received TSX-V approval to acquire the New South
Wales Yalgogrin Gold Project JV, the Fosterville-Toolleen Gold
Project and the Kingston Gold Project in Victoria Australia.
Phillip ThomasCEO
A.I.S. Resources LimitedFor further
information, please contact:Phillip Thomas, Chief Executive Officer
Tel: +1-747-200-9412 Email: pthomas@aisresources.com OrMartyn
Element, Executive Chairman Tel: +1-604-220-6266Email:
melement@aisresources.com Website: www.aisresources.com
ADVISORY: This press release
contains forward-looking statements. More particularly, this press
release contains statements concerning the anticipated use of the
proceeds of the Private Placement. Although the Corporation
believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on
them because the Corporation can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. The intended use of the proceeds
of the Private Placement by the Corporation might change if the
board of directors of the Corporation determines that it would be
in the best interests of the Corporation to deploy the proceeds for
some other purpose. The forward-looking statements contained in
this press release are made as of the date hereof and the
Corporation undertakes no obligations to update publicly or revise
any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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